2015 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 the election a
(4)
(5)
(6)
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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