2006 Kentucky Revised Statutes - .541   Creditable compensation of fee officers -- How determined -- Recalculation.

61.541 Creditable compensation of fee officers -- How determined -- Recalculation. (1) The creditable compensation of fee officers who receive salary, fees, maintenance, or other perquisites as a result of their official duties is the gross amount received decreased by the cost of salary paid deputies and clerks and the cost of office supplies and other official expenses. (2) Each officer shall estimate the amount of creditable compensation he expects to receive during a calendar year and shall report and pay employee contributions monthly on one-twelfth (1/12) of the estimated creditable compensation. (3) On or before April 30 of each fiscal year, each officer shall have on file at the retirement office a report of his actual creditable compensation during the previous calendar year. This report shall be in the form of an affidavit and shall be used by the retirement system as a basis of adjusting the individual's account in the retirement system. (4) The retirement office shall make a calculation of the amount of the additional contributions due or the excess contributions paid during the previous calendar year. If additional contributions are due, both the officer and employer shall pay such contributions on or before June 30 of the year in which the recalculation was made. If the recalculation shows that excess contributions have been paid, both the officer and the employer shall be reimbursed the amount of overpayment. (5) Refund of contributions or retirement allowances which might otherwise be due to the officer shall be withheld until the provisions of this section have been fully met. Effective: July 14, 1992 History: Amended 1992 Ky. Acts ch. 240, sec. 16, effective July 14, 1992. -- Amended 1982 Ky. Acts ch. 423, sec. 5, effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 384, sec. 552, effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 321, sec. 13. -- Created 1972 Ky. Acts ch. 116, sec. 27.