95.560 Pensions on retirement in cities with pension fund established under KRS
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/ky/95-560A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
95.520 -- Increase -- Health insurance for retirees.
(1)In cities that have a policemen's and firefighters' pension fund established under
KRS 95.520, any member of the police or fire department having served twenty
(20)years or longer in the police or fire department may petition the board of
trustees for retirement; and if his petition is granted, the board may order paid to
him monthly fifty percent (50%) of his monthly salary at the time of retirement.
(2)In order to adjust retirement benefits to the purchasing power of the dollar, the
board shall if it is actuarially feasible annually order an increase in benefits paid
pursuant to this section and KRS 95.550. The board shall if it is actuarially feasible
order an increase in benefits by an amount equal to the increase in the cost-of-living
increase for a recipient of Social Security, but the annual increase shall not exceed
five percent (5%).
(3)The board may provide a group hospital and medical insurance plan for retirees and
their spouses who have not reached the age to qualify for Federal Medicare, if
providing insurance will not jeopardize the capacity of the board to pay retirement
and survivor benefits. No insurance shall be provided for persons who are entitled
to Medicare benefits or are receiving Medicare benefits.