2014 Kentucky Revised Statutes CHAPTER 21 - JUDICIAL RETIREMENT 21.525 Contributions by state -- Normal contributions -- Past service liability contribution -- Employer costs for hybrid cash balance plan.
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21.525 Contributions by state -- Normal contributions -- Past service liability
contribution -- Employer costs for hybrid cash balance plan.
(1)
(2)
(3)
(4)
The state, by appropriation to the Judicial Retirement Board, shall contribute
annually to the Judicial Retirement System an amount equal to the percent as
computed under subsection (2) of this section of the creditable compensation
of active members of the Judicial Retirement System, to be known as the
"normal contributions," and an additional amount equal to one percent (1%) of
the unfunded past service liabilities, plus annual interest accruing thereon at
the actuarially assumed rate of interest adopted by the board to be known as
the "past service contribution."
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 past service liability shall be determined by actuarial methods
consistent with the methods prescribed for determining the normal contribution
rate. The board shall adopt the actuarial assumptions that are to be used in
making the determinations.
Normal contributions and the past service liability contribution for each fiscal
biennium shall be determined on the basis of the actuarial valuation last
preceding the commencement of the biennium.
Employer costs for the hybrid cash balance plan as provided by KRS 21.402
shall be incorporated into the employer contribution rate of the Legislators'
Retirement Plan and the Judicial Retirement Plan as a new benefit tier within
the plans.
Effective:July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 32, effective July 1, 2013. -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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