67A.430 Rate of retirement annuity -- Workers' compensation benefits credit --
442 words·~2 min read·
/ky/67a-430A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Increase of monthly annuity to $1,500 -- Annual adjustment.
(a)For a member whose participation date in the fund is prior to March 14, 2013,
the rate of retirement annuity shall be two and one-half percent (2.5%) of
average salary, as defined in KRS 67A.360(13), for each year of total service.
(b)For a member whose participation date in the fund is on or after March 14,
2013, the rate of retirement annuity shall be two and one-quarter percent
(2.25%) of average salary, as defined in KRS 67A.360(13), for each year of
total service.
(c)Fractional periods of service shall be considered in the calculation of such
annuities according to the rate provided by paragraph
(a)or
(b)of this
subsection, based upon the participation date of the member.
(d)1. Solely for purposes of calculating salary under this subsection, a
member who is receiving workers' compensation benefits from the
government shall be credited with any salary the member would have
otherwise been paid while receiving workers' compensation benefits if
the member voluntarily elects to pay to the fund an amount equivalent to
the employee contribution established by KRS 67A.510 on the salary
the member did not receive during the period workers' compensation
benefits were paid.
2. If the member elects to make the employee contribution payment to the
fund authorized by this paragraph, the government shall pay to the fund
an amount equivalent to the employer contribution required by KRS
67A.520 on the salary the member did not receive during the period
workers' compensation benefits were paid.
3. The provisions of this paragraph shall be retroactive and shall apply to
all active members of the fund who have not retired and to any member
who retired on or after January 1, 2021.
(2)Any retiree or surviving spouse who, as of July 1, 2023, is receiving a monthly
annuity of less than one thousand five hundred dollars ($1,500) shall have his or her
monthly annuity increased to one thousand five hundred dollars ($1,500), except for
those retirees and surviving spouses of retirees who are receiving disability benefits
not due to occupational causes as provided by KRS 67A.470. The board shall
increase this annuity at the same rate as annually provided by KRS 67A.690(1), and
such increase shall be determined and granted annually thereafter by the board.
Once every two
(2)years and solely at the board's discretion, the board may
increase the minimum monthly annuity provided by this subsection by no more than
ten percent (10%) above the most recent poverty level guidelines established by the
federal government for a two
(2)person household and calculated on a monthly
basis.