67A.492 Survivor benefit of sixty percent (60%) of member's final annuity or final rate of pay -- Eligibility -- Purchase of optional survivorship allowance.
<br><br>67A.492 Survivor benefit of sixty percent (60%) of member's final annuity or final <br>rate of pay -- Eligibility -- Purchase of optional survivorship allowance. <br>(1) Upon the death of a retired member, his or her surviving spouse shall receive an <br>annuity equal to sixty percent (60%) of the member's final annuity, or of the <br>member's final rate of pay, whichever is greater. The surviving spouse must have <br>been married to the member for at least three (3) years prior to the member's death <br>or six (6) months prior to the member's retirement in order to be eligible for the <br>benefits provided in this section. Effective April 4, 2006, the benefits provided by <br>this section shall be made eligible to surviving spouses of any retired member who <br>died on July 14, 2000, or thereafter. <br>(2) Any member who retires on July 15, 1990, or thereafter, shall have the option at <br>retirement to purchase an increased annuity allowance for his or her surviving <br>spouse. The amount of any such optional survivorship allowance shall be actuarially <br>equivalent to the amount of retirement allowance otherwise payable to the member. <br>The member may elect either of two (2) options: <br>(a) Survivorship seventy-five percent (75%). The member may elect to receive a <br>decreased retirement allowance during his or her lifetime and have seventy-<br>five percent (75%) of such retirement allowance continue after the member's <br>death to his or her eligible surviving spouse until the surviving spouse's death. <br>(b) Survivorship one hundred percent (100%). The member may elect to receive a <br>decreased retirement allowance during his or her lifetime and have such <br>retirement allowance continued at the same rate after the member's death to <br>his or her eligible surviving spouse until the surviving spouse's death. <br>Effective: April 4, 2006 <br>History: Amended 2006 Ky. Acts ch. 144, sec. 9, effective April 4, 2006. -- Amended <br>2000 Ky. Acts ch. 484, sec. 5, effective July 14, 2000. -- Created 1990 Ky. Acts <br>ch. 189, sec. 15, effective July 13, 1990. <br><br>