2009 Kentucky Revised Statutes CHAPTER 21 JUDICIAL RETIREMENT 21.525 Contributions by state -- Normal contributions -- Past service liability contribution.
21.525 Contributions by state -- Normal contributions -- Past service liability
contribution.
(1) The state, by appropriation to the Judicial Retirement Board, shall contribute
annually to the Judicial Retirement System an amount equal to the percent as <br>computed under subsection (2) of this section of the creditable compensation of <br>active members of the Judicial Retirement System, to be known as the "normal <br>contributions," and an additional amount equal to one percent (1%) of the unfunded <br>past service liabilities, plus annual interest accruing thereon at the actuarially <br>assumed rate of interest adopted by the board to be known as the "past service <br>contribution."
(2) The normal contribution rate shall be determined either by the entry age normal cost
funding method or the unit credit actuarial method, as selected by the board. The <br>past service liability shall be determined by actuarial methods consistent with the <br>methods prescribed for determining the normal contribution rate. The board shall <br>adopt the actuarial assumptions that are to be used in making the determinations.
(3) Normal contributions and the past service liability contribution for each fiscal
biennium shall be determined on the basis of the actuarial valuation last preceding <br>the commencement of the biennium.
Effective: July 15, 1988 <br>History: Amended 1988 Ky. Acts ch. 299, sec. 4, effective July 13, 1984. -- Created
1980 Ky. Acts ch. 246, sec. 6, effective July 15, 1980.
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