67A.492 Survivor benefit of sixty percent (60%) of member's final annuity or final rate of pay -- Eligibility -- Purchase of optional survivorship allowance. - Kentucky Statutes

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67A.492 Survivor benefit of sixty percent (60%) of member's final annuity or final rate of pay -- Eligibility -- Purchase of optional survivorship allowance. (1) Upon the death of a retired member, his or her surviving spouse shall receive an annuity equal to sixty percent (60%) of the member's final annuity, or of the
member's final rate of pay, whichever is greater. The surviving spouse must have
been married to the member for at least three (3) years prior to the member's death
or six (6) months prior to the member's retirement in order to be eligible for the
benefits provided in this section. Effective April 4, 2006, the benefits provided by
this section shall be made eligible to surviving spouses of any retired member who
died on July 14, 2000, or thereafter. (2) Any member who retires on July 15, 1990, or thereafter, shall have the option at retirement to purchase an increased annuity allowance for his or her surviving
spouse. The amount of any such optional survivorship allowance shall be actuarially
equivalent to the amount of retirement allowance otherwise payable to the member.
The member may elect either of two (2) options:
(a) Survivorship seventy-five percent (75%). The member may elect to receive a decreased retirement allowance during his or her lifetime and have seventy-
five percent (75%) of such retirement allowance continue after the member's
death to his or her eligible surviving spouse until the surviving spouse's death. (b) Survivorship one hundred percent (100%). The member may elect to receive a decreased retirement allowance during his or her lifetime and have such
retirement allowance continued at the same rate after the member's death to
his or her eligible surviving spouse until the surviving spouse's death. Effective: April 4, 2006
History: Amended 2006 Ky. Acts ch. 144, sec. 9, effective April 4, 2006. -- Amended 2000 Ky. Acts ch. 484, sec. 5, effective July 14, 2000. -- Created 1990 Ky. Acts
ch. 189, sec. 15, effective July 13, 1990.