{"data":{"id":"us-ky/krs-67a.600","jurisdiction":"us-ky","citation":"KRS 67A.600","heading":"Fund to supersede prior pension funds -- Increase in retirement annuity.","body":"(1) It is the intention of KRS 67A.360 to 67A.690 that the fund herein created shall\nsupersede and take the place of the pension fund established under KRS 95.851 to\n95.884 inclusive, for cities becoming urban -county governments, which sections\nshall be wi thout force and effect, insofar as applicable to such urban -county\ngovernments.\n(2) The fund created by KRS 67A.360 to 67A.690 shall succeed to and assume as of\nJuly 1, 1974, all assets of such pension funds, and shall continue to make payment\nof all annui ties, pensions, and benefits granted by superseded pension funds at the\nrates previously fixed and under the conditions previously in effect, except as\nprovided in subsection (3) of this section.\n(3) (a) Persons who retired under the provisions of KRS 95.5 20 to 95.620, or 95.851\nto 95.884 in a city which subsequently was merged into an urban -county\ngovernment, or their surviving spouses or eligible children, shall receive an\nupward adjustment in their retirement or survivor's annuity by calculation of a\ntwo percent (2%) annual increase compounded, from July 1, 1974, until July\n15, 1980, and annual increases compounded, from July 15, 1980, until July\n15, 1990, in the same percentage amount by which the pension board\nincreased other pensions pursuant to KRS 67 A.690(1) for those same years.\nThe survivor's annuity shall be determined as if the retired member's annuity\nhad been increased annually by two percent (2%) compounded from July 1,\n1974, until July 15, 1980, and annual increases compounded, from July 15,\n1980, until July 15, 1990, in the same percentage amount by which the\npension board increased other pensions pursuant to KRS 67A.690(1) for those\nsame years. For purposes of calculation, the member's or survivor's first\nincrease shall occur July 1, 1974, bu t only after the member was retired for\none (1) year or attained age fifty-one (51), whichever was later, or would have\nbeen retired one (1) year or reached the age of fifty -one (51), whichever was\nlater, in the event the member died before being retired o ne (1) year or\nreaching the age of fifty -one (51), unless retirement was under disability, in\nwhich case age and length of retirement criteria shall not apply.\n(b) After calculation of the new annuity level, persons affected by this section\nshall be granted the same annual increase granted to retirees pursuant to KRS\n67A.690(1), and the annuity on which this cost -of-living increment is based\nshall be the annuity level reached through the addition of annual compounded\nincreases calculated pursuant to paragra ph (a) of this subsection. If the\nmember has not attained the age of fifty -one (51) or would not have attained\nthe age of fifty-one (51) in the event the member is deceased, then the member\nor survivor shall receive increases of two percent (2%) compounded  annually\nuntil the member attains or would have attained age fifty -one (51), at which\ntime the same annual increase granted to retirees who retired pursuant to KRS\n67A.690(1) shall apply. In addition, each annuitant or surviving spouse or\neligible child s hall receive a one -time lump -sum payment of five hundred\ndollars ($500).\n(4) The provisions of subsection (3) of this section shall not apply to any retiree or\nsurviving spouse who receives a minimum retirement annuity, annually adjusted,\npursuant to 1972 Acts Chapter 185, Section 1, but each such retiree or surviving\nspouse shall receive a one -time lump-sum payment of five hundred dollars ($500).\nIf, in the future, any retiree or spouse annuity granted pursuant to this section falls\nbelow the adjusted minimum annuity, the affected retiree or spouse shall be granted,\nfrom that time forward, the adjusted minimum annuity calculated pursuant to 1972\nActs Chapter 185, Section 1.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=43624","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"256f113b25c20492b2f5a0cf8d2f593564c646f2e3ac45d141898c36a035b703","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.590","next":"us-ky/krs-67a.610"},"notice":"GroundRules: Original legal text. Not legal advice."}