2006 Kentucky Revised Statutes - .5465   Member with twenty years\' service credit may purchase five years\' service credit.

161.5465 Member with twenty years' service credit may purchase five years' service credit. On or after August 1, 1998, a member of the Teachers' Retirement System in active contributing status who has a minimum of twenty (20) years of service credit may purchase up to a maximum of five (5) years of service credit that is not otherwise purchasable under any of the provisions of KRS 161.230 to 161.716 and that meets the definition of nonqualified service as provided in Section 1526 of the Federal Taxpayer Relief Act of 1997. The member shall pay the full actuarial cost of the service credit as provided in KRS 161.220(22). The payment shall not be picked up by the employer as described in KRS 161.540(2), and the member's payment shall be credited to the member's contribution account and shall be considered accumulated contributions of the member. Payment by the member may be by lump sum or by installment payments as provided in KRS 161.597. Notwithstanding any other statute to the contrary, the Kentucky Teachers' Retirement System shall recognize nonqualified service credit purchased with another retirement system only to the extent that the member had an equivalent number of full months of active employment in the position covered by the other retirement system during the period that the nonqualified service was purchased. Effective: July 1, 2002 History: Amended 2002 Ky. Acts ch. 275, sec. 19, effective July 1, 2002. -- Amended 2000 Ky. Acts ch. 498, sec. 11, effective July 1, 2000. -- Created 1998 Ky. Acts ch. 515, sec. 16, effective July 1, 1998. Page 1 of 1