87.288. Retired firefighter not receiving cost-of-living benefit, special consultant--compensation, amount.
Retired firefighter not receiving cost-of-living benefit, specialconsultant--compensation, amount.
87.288. 1. Any person who served as a firefighter who is retired andnot receiving a cost-of-living benefit and any surviving spouse ordependent child receiving retirement benefits, but not receiving acost-of-living benefit shall be made, constituted, and appointed as aspecial consultant on the problems of retirement, aging, and other statematters, and be available to give opinion in writing or orally, in responseto such requests as may be required and for such services shall becompensated annually in accordance with the provisions of subsection 2 ofthis section.
2. Effective September 1, 1996, and annually thereafter, one-half ofthe annual interest earned in the future benefits fund created pursuant tosection 87.287* shall be appropriated to provide an ad hoc COLAadministered by the board of trustees and from September 1, 2016, andannually thereafter three-fourths of the annual interest earned in thefuture benefits fund created pursuant to section 87.287* shall beappropriated to provide an ad hoc COLA administered by the board oftrustees based upon the formula in this subsection. The distributableamount shall be divided by the number of retirees and surviving spouses anddependent children eligible to receive the ad hoc COLA pursuant to thisprovision calculated and distributed based upon the following years ofservice:
(1) Members retiring with thirty or more years of service shallreceive a full share of the distributable amount;
(2) Members retiring with twenty-five or more years of service butless than thirty years shall receive a three-quarter share of thedistributable amount;
(3) Members retiring with less than twenty-five years shall receive aone-half share of the distributable amount;
(4) Surviving spouses and dependent children shall receive one-halfof the ad hoc COLA the member would have been entitled to receive.
(L. 1995 H.B. 260, et al. merged with S.B. 404, A.L. 2001 S.B. 290)*Section 87.287 was repealed by S.B. 1001, 2000.