2006 Kentucky Revised Statutes - .568   Eligibility to participate in optional retirement plan.

161.568 Eligibility to participate in optional retirement plan. (1) Eligibility to participate in the optional retirement plan shall be determined by the board of regents of each of the state public postsecondary education institutions identified in KRS 161.220(4)(b). The employees of these institutions of higher education who are initially employed on or after the implementation date of the optional retirement plan may make an election to participate in the optional retirement plan within thirty (30) days after their employment date. This election shall be irrevocable except as otherwise provided in this subsection. No member of the Kentucky Teachers' Retirement System who terminates employment and is subsequently reemployed by the same or another public postsecondary education institution which participates in the Kentucky Teachers' Retirement System may be eligible to elect to participate in the optional retirement plan unless the date of reemployment is at least six (6) months after the date of termination. Any person who previously elected to participate in the optional retirement plan may irrevocably elect one (1) time during his or her lifetime to change his or her election and to prospectively participate in the Kentucky Teachers' Retirement System. This election to change from the optional retirement plan to Kentucky Teachers' Retirement System shall be effective beginning on the first day of the first month immediately following the date that written application for the election is received in the retirement system's office on forms prescribed by the system. These elections shall be made in writing and filed with the appropriate officer of the employer institution. (2) Elections of eligible employees hired on or after the implementation date of the optional retirement plan at their employer institution shall be effective on the date of their employment. If an eligible employee hired subsequent to the implementation date at the employer institution fails to make the election provided for in this section, he shall become a member of the regular retirement plan of the Kentucky Teachers' Retirement System. Effective: July 1, 2004 History: Amended 2004 Ky. Acts ch. 121, sec. 25, effective July 1, 2004. -- Amended 1997 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 70, effective May 30, 1997. -- Amended 1996 Ky. Acts ch. 253, sec. 2, effective July 15, 1996. -- Created 1994 Ky. Acts ch. 290, sec. 2, effective July 15, 1994. Page 1 of 1