Effective - 28 Aug 2001
87.288. Retired firefighter not receiving cost-of-living benefit, special consultant — compensation, amount. — 1. Any person who served as a firefighter who is retired and not receiving a cost-of-living benefit and any surviving spouse or dependent child receiving retirement benefits, but not receiving a cost-of-living benefit shall be made, constituted, and appointed as a special consultant on the problems of retirement, aging, and other state matters, and be available to give opinion in writing or orally, in response to such requests as may be required and for such services shall be compensated annually in accordance with the provisions of subsection 2 of this section.
2. Effective September 1, 1996, and annually thereafter, one-half of the annual interest earned in the future benefits fund created pursuant to section 87.287* shall be appropriated to provide an ad hoc COLA administered by the board of trustees and from September 1, 2016, and annually thereafter three-fourths of the annual interest earned in the future benefits fund created pursuant to section 87.287* shall be appropriated to provide an ad hoc COLA administered by the board of trustees based upon the formula in this subsection. The distributable amount shall be divided by the number of retirees and surviving spouses and dependent children eligible to receive the ad hoc COLA pursuant to this provision calculated and distributed based upon the following years of service:
(1) Members retiring with thirty or more years of service shall receive a full share of the distributable amount;
(2) Members retiring with twenty-five or more years of service but less than thirty years shall receive a three-quarter share of the distributable amount;
(3) Members retiring with less than twenty-five years shall receive a one-half share of the distributable amount;
(4) Surviving spouses and dependent children shall receive one-half of the ad hoc COLA the member would have been entitled to receive.
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(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*Section 87.287 was repealed by S.B. 1001, 2000.