2006 Kentucky Revised Statutes - .560   Member contribution account.

16.560 Member contribution account. (1) The member contribution account shall be the account to which all members' contributions, or contributions picked up by the employer after August 1, 1982, and interest allowances as provided in KRS 16.510 to 16.652 shall be credited; only funds from this account shall be used to return accumulated contributions of a member when required by reason of any provision of KRS 16.510 to 16.652. Prior to the member's retirement, death, or refund in accordance with KRS 61.625, no funds shall be made available from the member's contribution account. (2) Each member's contribution or contribution picked up by the employer shall be credited to the individual account of the contributing member. (3) Each member on June 30 of each year shall have his individual account credited with interest at a rate determined by the board but not less than two and one-half percent (2.5%) per annum on the accumulated contributions of the member on June 30 of the preceding fiscal year and the amounts so credited shall be transferred from the retirement allowance account. (4) Upon the retirement of a member, his accumulated contribution shall be transferred from the member's contribution account to the retirement allowance account. (5) Included as a part of such member's contribution account shall be his accumulated contributions in the Kentucky Employees Retirement System, if any, transferred to this system. Effective: July 14, 2000 History: Amended 2000 Ky. Acts ch. 385, sec. 2, effective July 14, 2000. -- Amended 1982 Ky. Acts ch. 166, sec. 27, effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 311, sec. 4, effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 321, sec. 40. - - Amended 1972 Ky. Acts ch. 116, sec. 8. -- Created 1958 Ky. Acts ch. 94, sec. 12, effective July 1, 1958.