67A.690 Increase in retirement annuity.
1,202 words·~5 min read·
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(a)The increase in retirement annuities provided and authorized by paragraphs
(b)and
(c)of this subsection shall be provided when:
1. A member who retired prior to July 1, 2013, has been retired for one
year or attained forty-seven
(47)years of age, whichever is later;
2. The member would have been retired for one
(1)year or attained forty-
seven
(47)years of age, whichever is later, in the event the member died
prior to July 1, 2013;
3. A member who retires on or after July 1, 2013, has been retired five
years or attained fifty
(50)years of age, whichever is sooner; or
4. The member would have been retired for five
(5)years or attained fifty
(50)years of age, whichever is sooner, in the event the member dies on
or after July 1, 2013.
(b)Except as provided by paragraph
(c)of this subsection, for each member,
widow, or dependent child who is eligible for an increase in retirement
annuities as provided by paragraph
(a)of this subsection, the board shall
increase his or her retirement annuity by:
1. Two percent (2%) per year, compounded annually, if the member,
widow, or dependent child is receiving an annualized retirement annuity
of less than forty thousand dollars ($40,000);
2. One and one-half percent (1.5%) per year, compounded annually, if the
member, widow, or dependent child is receiving an annualized
retirement annuity of at least forty thousand dollars ($40,000) but less
than seventy-five thousand dollars ($75,000); or
3. One percent (1%) per year, compounded annually, if the member,
widow, or dependent child is receiving an annualized retirement annuity
equal to or greater than seventy-five thousand dollars ($75,000), except
that no member, widow, or dependent child receiving an annualized
retirement annuity equal to or greater than one hundred thousand dollars
($100,000) shall receive an increase in his or her retirement annuity until
January 1, 2016.
(c)If the fund has an actuarial funding level greater than eighty-five percent
(85%), as determined by the most recently completed actuarial valuation of
the fund, the board shall, in lieu of the increase provided by paragraph
(b)of
this subsection, increase retirement annuities for members, widows, and
dependent children as follows, provided the increase meets the requirements
of paragraph
(d)of this subsection:
1. For members whose participation date in the fund is prior to March 14,
2013, who are eligible for an increase in retirement annuities as provided
by paragraph
(a)of this subsection, the board may increase retirement
annuities by an amount not less than two percent (2%) nor more than
five percent (5%) per year, compounded annually;
2. For members whose participation date in the fund is on or after March
14, 2013, who are eligible for an increase in retirement annuities as
provided by paragraph
(a)of this subsection, the board may increase
retirement annuities by an amount not more than three percent (3%) per
year, compounded annually; and
3. Increases provided under this paragraph shall be in lieu of the increases
provided under paragraph
(b)of this subsection.
(d)The board shall determine annually whether an increase in retirement
annuities can be provided under paragraph
(c)of this subsection. No increase
in retirement annuities shall be provided under paragraph
(c)of this
subsection, if the increase in retirement annuities will reduce the actuarial
funding level of the fund below eighty-five percent (85%).
(2)Beginning July 1, 2001, notwithstanding any other provision to the contrary, any
member, retired prior to July 1, 2013, under occupational disability, as provided in
KRS 67A.460, or nonoccupational disability shall be entitled to an increase in his or
her annuity, or in the event of death the annuity paid to his or her spouse or
dependent, after he or she has been retired one
(1)year regardless of age or date of
retirement. A member retiring under occupational disability, as provided in KRS
67A.460, or nonoccupational disability, on or after July 1, 2013, shall be entitled to
an increase in his or her annuity as provided by subsection
(1)of this section. The
amount of the annual increase shall be the same as described in subsection
(1)of
this section, compounded annually, and the increase shall be determined and
granted annually thereafter by the board. For a member retired on occupational
disability for a length of time in excess of one
(1)year prior to June 21, 2001, the
board shall increase the member's annuity as described in this paragraph, on July 1,
2001, and each July 1 thereafter.
(a)A member who retired pursuant to the provisions of KRS 67A.360 to 67A.690
prior to July 15, 1980, or pursuant to KRS 67A.690(2) after July 15, 1980, or
his surviving spouse or eligible surviving children, shall receive an upward
adjustment in their retirement or survivor's annuity by calculation of a two
percent (2%) annual increase compounded from July 1, 1974, until July 15,
1980, and annual increases compounded, from July 15, 1980, until July 15,
1990, in the same percentage amount by which the pension board increased
other pensions pursuant to subsection
(1)of this section for those same years.
For purposes of calculation, unless the member retired under disability, the
member's or survivor's first increase shall occur after the member was retired
for one
(1)year or attained the age of forty-seven (47), whichever was later, or
would have been retired one
(1)year or reached the age of forty-seven (47),
whichever was later, in the event the member died before being retired one
year or reaching the age of forty-seven (47). In the case of retirement under
disability, no age or length of retirement criteria shall apply.
(b)After calculation of the new annuity level, members of age forty-seven
(47)or
more affected by this subsection, or survivors of a member who would have
been forty-seven
(47)or more in the event the member is deceased, shall be
granted the same annual increase granted to retirees who retired July 15, 1980,
or thereafter, pursuant to subsection
(1)of this section, and the annuity on
which this cost-of-living increment is based shall be the annuity level reached
through the addition of annual compounded increases calculated pursuant to
paragraph
(a)of this subsection, but not less than the annuity level in effect
prior to July 15, 1990. If the member has not attained the age of forty-seven
(47)or would not have attained the age of forty-seven
(47)in the event the
member is deceased, then the member or survivor shall receive increases of
two percent (2%) compounded annually until the member attains or would
have attained age forty-seven (47), at which time the same annual increase
granted to retirees who retired July 15, 1980, or thereafter shall apply.
(4)The provisions of subsection
(3)of this section shall not apply to any retiree or
surviving spouse who receives a minimum retirement annuity, annually adjusted,
pursuant to KRS 67A.430. If, in the future, any retiree or spouse annuity granted
pursuant to this section falls below the adjusted minimum annuity, the affected
retiree or spouse shall be granted, from that time forward, the adjusted minimum
annuity calculated pursuant to KRS 67A.430.