.577 Early retirement.
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16.577 Early retirement.
(1)
Upon retirement at early retirement date, a member may receive an annual
retirement allowance payable monthly during his lifetime which shall be determined
in the same manner as for retirement at his normal retirement date, with years of
service and final compensation being determined as of the date of his actual
retirement, but the amount of the retirement allowance so determined shall be
reduced to reflect the earlier commencement of benefits.
(2)
There shall be no reduction in the retirement allowance of a member who has
twenty (20) or more years of service credit, at least fifteen (15) of which are current
service.
Effective: July 14, 2000
History: Amended 2000 Ky. Acts ch. 385, sec. 3, effective July 14, 2000. -- Amended
1984 Ky. Acts ch. 95, sec. 2, effective July 13, 1984. -- Amended 1978 Ky. Acts
ch. 127, sec. 1, effective June 17, 1978. -- Created 1970 Ky. Acts ch. 76, sec. 4.