.576 Normal retirement.
Code Resources
Kentucky Resources
Kentucky Website
Kentucky Governor
Kentucky Legislature
Kentucky Courts
Search this Code
in Google Scholar
on the Web
Google Web Search
MSN Web Search
Yahoo! Web Search
in the News
Google News Search
Google News Archive Search
Yahoo! News Search
in the Blogs
BlawgSearch.com Search
Google Blog Search
Technorati Blog Search
in other Databases
Google Book Search
16.576 Normal retirement.
(1)
Any member with at least five (5) years of service credit may retire at his normal
retirement date, or subsequent thereto, upon written notification to the system,
setting forth at what time the retirement is to become effective, if the effective date
shall be after his last day of service and subsequent to the filing of the notice at the
retirement office.
(2)
The member shall have the right to elect to have his retirement allowance payable
under subsection (3), (4), or (6) of this section or any one (1) of the plans set forth
in KRS 61.635.
(3)
Effective August 1, 1990, a member of the Kentucky State Police Retirement
System may elect to receive an annual retirement allowance, payable monthly
during his lifetime, equal to two and five-tenths percent (2.5%) of final
compensation for each year of service credit. Effective August 1, 1988, a member of
the County Employees Retirement System covered by this section may elect to
receive an annual retirement allowance, payable monthly during his lifetime, equal
to two and five-tenths percent (2.5%) of final compensation for each year of service
credit. Effective August 1, 1988, a member of the Kentucky Employees Retirement
System covered by this section may elect to receive an annual retirement allowance,
payable monthly during his lifetime, equal to two and forty-nine hundredths percent
(2.49%) of final compensation for each year of service credit. The annual retirement
allowance for a member covered by this section shall not exceed the maximum
benefit as set forth in the Internal Revenue Code.
(4)
The member may elect to receive a monthly retirement allowance payable for ten
(10) years certain, actuarially equivalent to the retirement allowance payable under
subsection (3) of this section. If the member should become deceased prior to the
expiration of ten (10) years, his beneficiary shall receive the remaining payments
monthly for the duration of the ten (10) years. The provisions of KRS 61.702
notwithstanding, the member who retired on June 17, 1978, or thereafter, and his
spouse and dependents or beneficiary shall continue to receive the insurance
benefits to which they are entitled pursuant to KRS 61.702 after the expiration of
ten (10) years. Effective with any insurance contract procured, or self-insurance
plan instituted, after July 15, 1990, a member who retired prior to June 17, 1978,
and his spouse and dependents or beneficiary shall receive insurance benefits
pursuant to KRS 61.702 upon payment by the member or beneficiary of the entire
cost of the required insurance premium.
(5)
Notwithstanding any other provisions of this section, upon written notification to
the system, a member shall have the option to defer his election to receive his
retirement allowance. The retirement allowance payable under a deferred option
shall be increased to reflect the deferred receipt of benefits.
(6)
In lieu of any other benefits due under KRS 16.505 to 16.652, a member who has
attained age fifty-five (55) and who has attained at least one (1) month of service
credit but no more than fifty-nine (59) months of service credit may elect to receive
an annual retirement allowance, payable monthly or less frequently as determined
by the board, which shall be determined by multiplying his accumulated
contributions by two (2) and converting this amount to an annual retirement
allowance based on an annuity rate adopted by the board which would pay the
actuarial equivalent of twice his accumulated contributions over the lifetime of the
retired member.
Effective: July 15, 1996
History: Amended 1996 Ky. Acts ch. 167, sec. 2, effective July 15, 1996. -- Amended
1994 Ky. Acts ch. 485, sec. 4, effective July 15, 1994. Amended 1992 Ky. Acts
ch. 240, sec. 4, effective July 14, 1992. -- Amended 1990 Ky. Acts ch. 347, sec. 1,
effective July 13, 1990; and ch. 460, sec. 3, effective July 13, 1990. -- Amended
1988 Ky. Acts ch. 349, sec. 6, effective July 15, 1988; and ch. 364, sec. 1, effective
July 15, 1988. -- Amended 1986 Ky. Acts ch. 76, sec. 1, effective July 15, 1986;
ch. 293, sec. 3, effective July 15, 1986; and ch. 295, sec. 2, effective July 15, 1986. --
Amended 1984 Ky. Acts ch. 94, sec. 1, effective July 13, 1984; and ch. 228, sec. 1,
effective July 13, 1984. -- Amended 1980 Ky. Acts ch. 186, sec. 4, effective July 15,
1980. -- Amended 1978 Ky. Acts ch. 311, sec. 5, effective June 17, 1978. --
Amended 1976 Ky. Acts ch. 321, sec. 5. -- Amended 1974 Ky. Acts ch. 128, sec. 4. -
- Amended 1972 Ky. Acts ch. 116, sec. 12. -- Amended 1970 Ky. Acts ch. 76, sec. 3.
-- Amended 1968 Ky. Acts ch. 25, sec. 3. -- Amended 1966 Ky. Acts ch. 33, sec. 2. --
Created 1964 Ky. Acts ch. 91, sec. 7.