2013 Kentucky Revised Statutes CHAPTER 21 - JUDICIAL RETIREMENT 21.400 Computation of retirement allowance for member who began participating before January 1, 2014 -- Benefit reduction for early retirement.
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21.400 Computation of retirement allowance for member who began
participating before January 1, 2014 -- Benefit reduction for early
retirement.
(1)
(2)
(3)
A member who began participating in the Judicial Retirement Plan prior to
January 1, 2014, who retires on or after his normal retirement date shall
receive a service retirement allowance, payable monthly during his lifetime, in
an amount per month equal to two and seventy-five hundredths percent
(2.75%) of his final compensation multiplied by the number of years of his
service, but in no event to exceed one hundred percent (100%) of final
compensation, except that for any service performed while a member prior to
July 1, 1978, any service prior to July 1, 1962, creditable under KRS 21.345,
and any service performed in continued membership (or allowable under KRS
21.410 or 21.420) after June 30, 1978, by a person who was a member on that
date, the monthly percentage figure shall be five percent (5%) of his final
compensation multiplied by the number of years of his service, and except that
for any service performed by a member who elected membership at an annual
accrual rate of four and fifteen one hundredths percent (4.15%) and for any
service performed in continued membership thereafter (or allowable under KRS
21.410 to 21.420), the benefit, payable monthly during his lifetime shall be an
amount equal to four and fifteen one-hundredths percent (4.15%) of his final
compensation multiplied by the number of years of his service, and except that
allowances heretofore granted, and rights related thereto, shall not be affected
by the 1978 or 1980 amendments to this section. For this purpose, "final
compensation" means the average monthly compensation of the member for
the sixty (60) months of service immediately preceding his retirement,
including, in the case of a Circuit Judge, compensation received as special
commissioner of the former Court of Appeals. If, at the time of retirement or
death of a member his total period of service in one or more positions covered
by the system has not amounted to sixty (60) months, his "final compensation"
shall be computed as if he had served in the first position he occupied under
the system for such period of time as to bring his total service (in all positions)
to sixty (60) months. If that category of position was not in existence for that
period, it shall be treated as though it had been in existence for that period and
as if the compensation paid for the presumed period of existence was at the
rate provided for the category when it in fact first was created.
A member who began participating in the Judicial Retirement Plan prior to
January 1, 2014, who retires before his normal retirement date shall be vested
with the right to receive, when he reaches his normal retirement age, a service
retirement allowance computed on the basis of the number of years of his
actual service, and payable in accordance with:
(a) The provisions of subsection (1) of this section; or
(b) KRS 21.580 if the member retires as a Senior Status Special Judge while
the pilot program created in KRS 21.580 is in effect.
In lieu of the right provided for in subsection (2) of this section, a member who
began participating in the Judicial Retirement Plan prior to January 1, 2014,
who retires before his normal retirement age may elect, at any time before
reaching his normal retirement age, to be paid commencing as of the time of
(4)
(5)
(6)
the election a monthly service retirement allowance equal in amount to the
monthly allowance that would have become payable under subsection (2) of
this section when he reached his normal retirement age, reduced at the rate of
five percent (5%) for each year by which his actual age at the time the election
is made is lower than the normal retirement age.
A member who began participating in the Judicial Retirement Plan prior to
January 1, 2014, who retires before his normal retirement date when his
benefit is based on twenty-seven (27) years or more of service in the Judicial
Retirement Plan, or if his judicial service credit, when combined with service he
has in, or for which he is receiving benefits from, the Legislators' Retirement
Plan, the Kentucky Employees Retirement System, County Employees
Retirement System, State Police Retirement System, or the Teachers'
Retirement System, is equal to twenty-seven (27) years, shall be vested with
the right to receive a service retirement allowance computed on the basis of
the number of years of his actual service, and payable in accordance with:
(a) The provisions of subsection (1) of this section; or
(b) KRS 21.580 if the member retires as a Senior Status Special Judge while
the pilot program created in KRS 21.580 is in effect.
In lieu of the right provided for in subsection (2) of this section, a member who
began participating in the Judicial Retirement Plan prior to January 1, 2014,
who retires before his normal retirement age may elect, at any time before
reaching his normal retirement age, to be paid commencing as of the time of
the election, a monthly service retirement allowance equal in amount to the
monthly allowance that would have become payable under subsection (2) of
this section when he reached normal retirement age, reduced at the rate of five
percent (5%) for each year by which his years of service or combined service
pursuant to subsection (4) of this section are lower than twenty-seven (27).
Subsections (1) to (5) of this section shall not apply to members who begin
participating in the Judicial Retirement Plan on or after January 1, 2014.
Effective:July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 24, effective July 1, 2013. -Amended 2000 Ky. Acts ch. 305, sec. 2, effective July 14, 2000. - Amended
1996 Ky. Acts ch. 292, sec. 1, effective July 15, 1996. -- Amended 1988 Ky.
Acts ch. 299, sec. 7, effective July 15, 1988. -- Amended 1980 Ky. Acts ch. 407,
sec. 4, effective July 15, 1980. --Amended 1978 Ky. Acts ch. 193, sec. 5,
effective July 1, 1978. -- Amended 1962 Ky. Acts ch. 9, sec. 6, effective July 1,
1962. -- Created 1960 Ky. Acts ch. 84, Art. III, sec. 6.
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