(A) Old age or retirement payment. Periodic payments, commonly recognized as old age or retirement pensions, made to persons retired from service after reaching a specified age or a stated period of employment are not subject to the license fee.
(B) Disability and unemployment.
(1) Disability, sickness, and accident benefits and unemployment compensation, and other insurance payments received for personal injuries or property losses, are not subject to the license fee.
(2) Payments by an employer to employees under disability, sickness, and accident benefit plans are not subject to the license fee. Payments received for personal injuries and property losses are not subject to the license fee.
(3) Unemployment compensation payments by the commonwealth, or any other agent, are not subject to the license fee.
(C) Death benefits. Death benefits payable to the beneficiary of an employee or to his or her estate, whether payable in a single sum or otherwise, are not subject to the license fee.
(D) Worker’s compensation benefits. Benefits arising under the Worker’s Compensation Act, being KRS Chapter 342, as compensation for disabilities sustained during the course of employment, together with any amount of damages received by suit or agreement, on account of such liability, are not subject to the license fee.
(E) Employee contributions to § 401(K) plans. Employee contributions to § 401(K) plans which are properly qualified and approved by the United States Internal Revenue Service.
(Ord. 01-07, passed 1-31-2007)