Kentucky Statutes 67A.430 – Rate of retirement annuity — Workers’ compensation benefits credit — Increase of monthly annuity to $1,500 — Annual adjustment
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(1) (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.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 178, sec. 1, effective June 29, 2023. — Amended
2022 Ky. Acts ch. 140, sec. 5, effective July 1, 2022. — Amended 2013 Ky. Acts ch.
7, sec. 7, effective March 14, 2013. — Amended 2006 Ky. Acts ch. 144, sec. 5, effective April 4, 2006. — Amended 2002 Ky. Acts ch. 274, sec. 3, effective July 15,
2002. — Amended 2001 Ky. Acts ch. 131, sec. 1, effective June 21, 2001. — Amended 2000 Ky. Acts ch. 484, sec. 3, effective July 14, 2000. — Amended 1996
Ky. Acts ch. 311, sec. 1, effective July 15, 1996. — Created 1974 Ky. Acts ch. 106, sec. 8, effective July 1, 1974.
(b) For a member whose participation date in the fund is on or after March 14,
Terms Used In Kentucky Statutes 67A.430
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- Year: means calendar year. See Kentucky Statutes 446.010
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.
Effective: June 29, 2023
History: Amended 2023 Ky. Acts ch. 178, sec. 1, effective June 29, 2023. — Amended
2022 Ky. Acts ch. 140, sec. 5, effective July 1, 2022. — Amended 2013 Ky. Acts ch.
7, sec. 7, effective March 14, 2013. — Amended 2006 Ky. Acts ch. 144, sec. 5, effective April 4, 2006. — Amended 2002 Ky. Acts ch. 274, sec. 3, effective July 15,
2002. — Amended 2001 Ky. Acts ch. 131, sec. 1, effective June 21, 2001. — Amended 2000 Ky. Acts ch. 484, sec. 3, effective July 14, 2000. — Amended 1996
Ky. Acts ch. 311, sec. 1, effective July 15, 1996. — Created 1974 Ky. Acts ch. 106, sec. 8, effective July 1, 1974.