<br><br>95.560 Pensions on retirement -- Increase -- Health insurance for retirees. <br>(1) In cities of the third class, any member of the police or fire department having <br>served twenty (20) years or longer in the police or fire department may petition the <br>board of trustees for retirement; and if his petition is granted, the board may order <br>paid to him monthly fifty percent (50%) of his monthly salary at the time of <br>retirement. <br>(2) In order to adjust retirement benefits to the purchasing power of the dollar, the <br>board shall if it is actuarially feasible annually order an increase in benefits paid <br>pursuant to this section and KRS 95.550. The board shall if it is actuarially feasible <br>order an increase in benefits by an amount equal to the increase in the cost-of-living <br>increase for a recipient of Social Security, but the annual increase shall not exceed <br>five percent (5%). <br>(3) The board may provide a group hospital and medical insurance plan for retirees and <br>their spouses who have not reached the age to qualify for Federal Medicare, if <br>providing insurance will not jeopardize the capacity of the board to pay retirement <br>and survivor benefits. No insurance shall be provided for persons who are entitled <br>to Medicare benefits or are receiving Medicare benefits. <br>Effective: July 15, 1998 <br>History: Amended 1998 Ky. Acts ch. 260, sec. 3, effective July 15, 1998. -- Amended <br>1996 Ky. Acts ch. 109, sec. 1, effective July 15, 1996. -- Amended 1982 Ky. Acts <br>ch. 90, sec. 3, effective July 15, 1982. -- Amended 1966 Ky. Acts ch. 255, sec. 105. -<br>- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. <br>secs. 3142b-4, 3242b-11, 3351a-4, 3351a-11. <br><br>