Any member may, at his option, retire on a service retirement annuity upon or after attainment of the age of 50 years, provided he shall have completed at least 20 years of total service. Upon fulfillment of these terms, it is mandatory that the board shall grant the retirement annuity upon receipt of the application of said member.
Effective: July 1, 1956

Terms Used In Kentucky Statutes 95.856

  • Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.

History: Created 1956 Ky. Acts ch. 16, sec. 6, effective July 1, 1956.

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