2014 Kentucky Revised Statutes CHAPTER 95 - CITY POLICE AND FIRE DEPARTMENTS 95.866 Withdrawal from service prior to retirement -- Refund -- Forfeitures.
Download as PDF
95.866 Withdrawal from service prior to retirement -- Refund -- Forfeitures.
(1)
(2)
(3)
Upon withdrawal from service prior to retirement, a member shall be entitled to
receive a refund of the amount of contributions made by the member after the
date of establishment, including those employee contributions picked up by the
employer pursuant to KRS 65.155, without interest.
Any member receiving a refund of contributions shall thereby ipso facto forfeit,
waive, and relinquish all accrued rights and benefits in the system, including all
credited and creditable service. The board may, in its discretion, regardless of
cause, withhold payment of a refund for a period not to exceed six (6) months
after receipt of an application from a member.
Any member who has received a refund shall be considered a new member
upon subsequent reemployment if such person qualifies for membership under
the provisions hereof. After the completion of at least five (5) years of
continuous membership service following his latest reemployment, such
member shall have the right to make a repayment to the system of the amount
or amounts previously received as refund, including six percent (6%) interest
from the dates of refund to the date of repayment. Such repayment shall not be
picked up by the employer pursuant to KRS 65.155. Upon the restoration of
such refunds, as herein provided, such member shall have reinstated to his
account all credited service represented by the refunds of which repayment
has been made. Repayment of refunds by any member shall include all
refunds received by a member prior to the date of his last withdrawal from
service and shall be made in a single sum.
Effective:July 15, 1982
History: Amended 1982 Ky. Acts ch. 166, sec. 52, effective July 15, 1982. -Created 1956 Ky. Acts ch. 16, sec. 16, effective July 1, 1956.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.