95.560 Pensions on retirement -- Increase -- Health insurance for retirees. - Kentucky Statutes

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95.560 Pensions on retirement -- Increase -- Health insurance for retirees. (1) In cities of the third class, any member of the police or fire department having served twenty (20) years or longer in the police or fire department may petition the
board of trustees for retirement; and if his petition is granted, the board may order
paid to him monthly fifty percent (50%) of his monthly salary at the time of
retirement. (2) In order to adjust retirement benefits to the purchasing power of the dollar, the board shall if it is actuarially feasible annually order an increase in benefits paid
pursuant to this section and KRS 95.550. The board shall if it is actuarially feasible
order an increase in benefits by an amount equal to the increase in the cost-of-living
increase for a recipient of Social Security, but the annual increase shall not exceed
five percent (5%). (3) The board may provide a group hospital and medical insurance plan for retirees and their spouses who have not reached the age to qualify for Federal Medicare, if
providing insurance will not jeopardize the capacity of the board to pay retirement
and survivor benefits. No insurance shall be provided for persons who are entitled
to Medicare benefits or are receiving Medicare benefits. Effective: July 15, 1998
History: Amended 1998 Ky. Acts ch. 260, sec. 3, effective July 15, 1998. -- Amended 1996 Ky. Acts ch. 109, sec. 1, effective July 15, 1996. -- Amended 1982 Ky. Acts
ch. 90, sec. 3, effective July 15, 1982. -- Amended 1966 Ky. Acts ch. 255, sec. 105. -
- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
secs. 3142b-4, 3242b-11, 3351a-4, 3351a-11.