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16.560 Member account.
(1)
(2)
(3)
(4)
(5)
The member account shall be the account to which:
(a) All members' contributions, or contributions picked up by the employer
after August 1, 1982, and interest allowances as provided in KRS 16.505
to 16.652 shall be credited, except as provided by KRS 61.702(2)(b); and
(b) For members who begin participating in the system on or after January 1,
2014, the employer pay credit and interest credited on such amounts as
provided by KRS 16.583 shall be credited.
Only funds from this account shall be used to return accumulated contributions
or accumulated account balances of a member when required by reason of any
provision of KRS 16.505 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 account.
Each member's contribution or contribution picked up by the employer shall be
credited to the individual account of the contributing member, except as
provided by KRS 61.702(2)(b).
(a) Each member shall have his individual account credited with interest on
June 30 of each fiscal year.
(b) For members who begin participating before September 1, 2008, interest
shall be credited to their individual account at a rate determined by the
board but not less than two and one-half percent (2.5%) per annum on
the accumulated account balance of the member on June 30 of the
preceding fiscal year.
(c) For members who begin participating on or after September 1, 2008, but
prior to January 1, 2014, interest shall be credited to their individual
account at a rate of two and one-half percent (2.5%) per annum on the
accumulated account balance of the member on June 30 of the preceding
fiscal year.
(d) For members who begin participating on or after January 1, 2014, in the
hybrid cash balance plan, interest shall be credited to their individual
account in accordance with KRS 16.583.
(e) The amounts of interest credited to a member's account under this
subsection and KRS 16.583 and the employer pay credit as provided by
KRS 16.583 shall be transferred from the retirement allowance account.
(a) Upon the retirement of a member who began participating in the system
prior to January 1, 2014, his or her accumulated account balance shall be
transferred from the member's account to the retirement allowance
account.
(b) Upon the retirement of a member who began participating in the system
on or after January 1, 2014, who elects to annuitize his or her
accumulated account balance as prescribed by KRS 16.583(7)(a) or (b),
the member's accumulated account balance shall be transferred to the
retirement allowance account.
Included as a part of such member's account shall be his accumulated account
balance in the Kentucky Employees Retirement System, if any, transferred to
this system.
Effective:July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 36, effective July 1, 2013. -Amended 2009 Ky. Acts ch. 77, sec. 4, effective June 25, 2009. -- Amended
2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, effective June 27, 2008. -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.
Legislative Research Commission Note (6/27/2008). The Reviser of Statutes has
altered the numbering of subsection (3) of this statute from the way it appeared
in 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, under the authority of KRS
7.136(1)(c).
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