19-6-709. (Temporary) Supplemental benefits for certain retirees.
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19-6-709 . (Temporary) Supplemental benefits for certain retirees.
(1)In addition to any retirement benefit payable under this chapter, a retired member or a survivor determined by the board to be eligible under subsection
(2)must receive an annual lump-sum benefit payment beginning in September 1991 and each succeeding year as long as the member remains eligible.
(2)To be eligible for the benefits under this section, a person must be receiving a monthly benefit before July 1, 1991, may not be covered by 19-6-710 , and must be:
(a)a retired member who is 55 years of age or older and who has been receiving a service retirement benefit for at least 5 years prior to the date of distribution;
(b)a survivor of a member who would have been eligible under subsection (2)(a); or
(c)a recipient of a disability benefit under 19-6-601 or a survivorship benefit under 19-6-901 .
(3)A retired member otherwise qualified under this section who is employed in a position covered by a retirement system under Title 19 is ineligible to receive any lump-sum benefit payments provided for in this section until the fiscal year following the member's termination from service in the covered position.
(4)The amount statutorily appropriated under 19-6-410 must be distributed proportionally as a lump-sum benefit payment to each eligible recipient based on service credit at the time of retirement, subject to the following:
(a)a recipient under subsection (2)(c) is considered to have 20 years of service credit for the purposes of the distributions;
(b)any recipient of a retirement benefit exceeding the maximum monthly benefit under 19-6-707 (2)(a) must have the recipient's service credit reduced 25% for the purposes of the distributions;
(c)the maximum annual increase in the amount of supplemental benefits paid to each individual under this section is the percentage increase for the previous calendar year in the annual average consumer price index for urban wage earners and workers, compiled by the bureau of labor statistics of the United States department of labor or its successor agency. (Terminates contingent upon death of last eligible recipient--sec. 1, Ch. 567, L. 1991; sec. 14, Ch. 464, L. 2005.)