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(A) The rate of retirement annuity shall be 2½% of average salary, as defined in KRS 95.851(13), for each year of total service up to and including 30 years, subject to a maximum of 75% of average salary. Fractional periods of service shall be considered in the calculation of such annuities according to the aforesaid rate.
(B) Any member who retired prior to June 21, 1974 shall receive an increase of $10 per month for each year or part thereof of retirement prior to June 21, 1974, with a maximum increase of $170 per month. No surviving widow of a retiree shall receive a pension of less than $150 per month. When Social Security benefits are increased the surviving widow's minimum shall be increased by a like percentage, but the pension increase shall not exceed 5%.
(C) Within six months after the performance of the actuarial study required by KRS 95.872(6), the rate of retirement annuity of each annuitant shall be increased annually by an amount determined by the study to reflect so much of the annual increase in the cost of living of the annuitant as may be supported on an actuarial sound basis by the fund. So long as the same is published, such studies shall rely on the “All Items Index” of the United States Department of Labor's Consumer Price Indexes, but no increase in the cost of living shall exceed 5% or the actual increase in the cost of living, whichever is lower. The increases shall be payable only after the member has been retired for a period of three full years, and all increases granted on July 15, 1990 or thereafter shall be compounded.
(D) A surviving spouse who does not receive a pension increase pursuant to division (B) of this section shall receive the same increase an annuitant receives pursuant to division (C) of this section.
(Ord. 87-26, passed 7-28-87; Am. Ord. 90-30, passed 8-21-90)