2018 Kentucky Revised Statutes CHAPTER 21 - JUDICIAL RETIREMENT .374 Election by member participating in the Legislators' Retirement Plan or the Judicial Retirement Plan prior to July 1, 2019, to participate in the Kentucky Employees Retirement System and receive benefits under money purchase plan -- Private letter ruling -- Administrative regulations.
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21.374 Election by member participating in the Legislators' Retirement Plan or the
Judicial Retirement Plan prior to July 1, 2019, to participate in the Kentucky
Employees Retirement System and receive benefits under money purchase
plan -- Private letter ruling -- Administrative regulations.
Notwithstanding KRS 6.500 to 6.577 and 21.345 to 21.580:
(1) Subject to the provisions of this section, any member who began participating in the
Legislators' Retirement Plan or the Judicial Retirement Plan prior to July 1, 2019,
may on or after July 1, 2019, but prior to January 1, 2021, elect to cease
participating in the Legislators' Retirement Plan or the Judicial Retirement Plan and
participate prospectively in the Kentucky Employees Retirement System as a
nonhazardous employee for any future service as a legislator, judge, or justice and
be provided the following benefits in lieu of the benefits provided by KRS 6.500 to
6.577 and 21.345 to 21.580:
(a) Participation in the 401(a) money purchase plan provided by KRS 61.5956.
Members making an election shall not accrue service credit in the Kentucky
Employees Retirement System for purposes of determining retirement benefits
under KRS 61.510(14), 61.595, or 61.597; and
(b) Any other benefits the person would be eligible for in the Kentucky
Employees Retirement System based upon the election provided by this
section or his or her membership date in the state-administered retirement
systems.
(2) The election provided by this section shall be made in writing and on a form
prescribed by the Judicial Form Retirement System board;
(3) For each member who makes an election provided by this section, any service
credit, final compensation, or other benefits the member has accrued prior to the
member's effective election date, in the Judicial Retirement Plan or Legislators'
Retirement Plan, shall remain, but the member shall not accrue any additional
service, final compensation, or any other benefits in the Judicial Retirement Plan or
the Legislators' Retirement Plan on or after the effective election date;
(4) Before accepting an election provided by this section, the Judicial Form Retirement
System board shall provide the member with information detailing the potential
results of the member's election;
(5) An election made pursuant to this section shall be irrevocable; and
(6) (a) A member of the Legislators' Retirement Plan or the Judicial Retirement Plan
shall not be eligible to make an election prescribed by this section until the
Judicial Form Retirement System receives a favorable private letter ruling
from the Internal Revenue Service regarding this section.
(b) If the Internal Revenue Service denies the request for a private letter ruling as
provided by paragraph (a) of this subsection, this section shall be void.
(c) The Judicial Form Retirement System may promulgate administrative
regulations under KRS Chapter 13A in order to carry out this section.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 107, sec. 7, effective July 14, 2018. -- Created
2017 Ky. Acts ch. 125, sec. 4, effective March 27, 2017.
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