2016 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM .545 Service credit determination -- Purchase of service credit for fractional year's service for members who began participating before January 1, 2014 -- Choice of system -- Division of service credit.
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61.545 Service credit determination -- Purchase of service credit for fractional
year's service for members who began participating before January 1, 2014 -Choice of system -- Division of service credit.
(1)
(2)
(3)
The board shall determine by appropriate administrative regulations how much
service in any year is the equivalent of a year of service credit and how much
service in any calendar month is the equivalent of a month of service credit. It shall
not allow credit for more than one (1) year of service for all service rendered in any
period of twelve (12) consecutive months except as provided in KRS 61.546 and in
subsection (2) of this section.
(a) Employees participating in one (1) of the state-administered retirement
systems who are or have been employed by a school board participating in the
County Employees Retirement System, a state-operated school under KRS
Chapter 167, a participating community action agency, or a Kentucky
institution of higher education which participates in the Kentucky Employees
Retirement System, and who receive service credit for less than twelve (12)
months each year, may purchase the additional months of service credit
needed to total one (1) year of service credit except the amount purchased
shall not exceed three (3) months. The employee may purchase the service
credit by paying the retirement system a delayed contribution payment.
Employees who have service credit prior to July 1, 1992, or their employers,
the state-operated school under KRS Chapter 167, the Kentucky institution of
higher education, or the school board may purchase service credit on behalf of
the employee for previous years by paying the retirement system the delayed
contribution payment.
(b) The cost of service under this subsection may be paid by both the employer
and employee. The employer shall pay fifty percent (50%) of the cost and the
employee shall pay fifty percent (50%) of the cost. The payment by the
employer shall not be deposited to the member's account. Service credit shall
not be credited to the member's account until both the employer's and
employee's payment are received by the retirement system.
(c) If the employee has purchased service credit under this subsection based on
months reported by the employer for the fiscal year, and an audit of the
employee's account reduces the number of months of service credit for which
the employee is eligible to no fewer than nine (9) months, the employee shall
retain credit for the months purchased unless the employee is ineligible for
any service in the fiscal year. The employee shall be eligible to purchase the
additional months under this subsection to total one (1) year.
(d) This subsection shall not apply to members who begin participating in the
systems administered by Kentucky Retirement Systems on or after January 1,
2014.
(a) An employee who is simultaneously eligible for membership in more than one
(1) retirement system administered by the Kentucky Retirement Systems may,
at his option, choose to participate in only one (1) of those systems. The
choice, once made, shall remain in effect so long as the employee is eligible
(b)
(c)
for membership in more than one (1) system.
If the employee participates in more than one (1) of the retirement systems
administered by the Kentucky Retirement Systems, the employee's service
credit shall be divided between each system determined by dividing the
employee's creditable compensation in each system by the employee's total
creditable compensation in all systems.
If the employee earns creditable compensation in both a hazardous position, as
defined by KRS 61.592, and a nonhazardous position, the employee's service
credit shall be divided between the employee's hazardous and nonhazardous
positions determined by dividing the employee's creditable compensation in
the hazardous and nonhazardous positions by the employee's combined
hazardous and nonhazardous creditable compensation.
Effective: July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 48, effective July 1, 2013. -- Amended
2004 Ky. Acts ch. 36, sec. 10, effective July 13, 2004. -- Amended 2002 Ky. Acts ch.
52, sec. 4, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 385, sec. 13,
effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 105, sec. 8, effective July 15,
1998. -- Amended 1996 Ky. Acts ch. 167, sec. 9, effective July 15, 1996. -- Amended
1994 Ky. Acts ch. 406, sec. 1, effective July 15, 1994; and ch. 485, sec. 11, effective
July 15, 1994. – Amended 1992 Ky. Acts ch. 240, sec. 19, effective July 14, 1992.
-- Amended 1990 Ky. Acts ch. 222, sec. 1, effective July 13, 1990; and ch. 489, sec.
4, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 349, sec. 13, effective July
15, 1988. -- Amended 1986 Ky. Acts ch. 53, sec. 1, effective July 15, 1986. -Amended 1980 Ky. Acts ch. 165, sec. 2, effective July 15, 1980. -- Amended 1966
Ky. Acts ch. 35, sec. 3. -- Created 1956 Ky. Acts ch. 110, sec. 8.
Legislative Research Commission Note (7/15/94). This section was amended by 1994
Ky. Acts chs. 406 and 485. Where these Acts are not in conflict, they have been
codified together. Where a conflict exists, Acts ch. 485, which was last enacted by
the General Assembly, prevails under KRS 446.250.
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