2006 Kentucky Revised Statutes - .623   Use of unused sick-leave days to determine service credit.

161.623 Use of unused sick-leave days to determine service credit. (1) Effective July 1, 1982, and thereafter, a district board of education or other employer of members of the Teachers' Retirement System may compensate, at the time of retirement for service, an active contributing member for unused sick-leave days in accordance with this section. (2) Upon the member's application for service retirement, the employer shall certify the retiring member's unused accumulated sick-leave balance to the board of trustees of the Kentucky Teachers' Retirement System. The member's sick-leave balance, expressed in days, shall be divided by one hundred eighty-five (185) days to determine the amount of service credit that may be considered for addition to the member's retirement account for the purpose of determining the retirement allowance under KRS 161.620. Such sick-leave credit shall not be used for the purpose of determining whether the member is eligible to receive a retirement allowance. (3) The board shall compute the cost to the retirement system of the sick-leave credit for each retiring member and shall bill the last employer of the retiring member for such cost. The employer shall pay the cost of such service credit to the retirement system within fifteen (15) days after receiving notification of the cost from the board. (4) Retiring members who receive service credit under this section shall not be eligible to receive compensation for accrued sick leave under KRS 161.155(10) or any other statutory provision. (5) Employer participation is optional and the employer may opt to purchase less service credit than the member is eligible to receive provided the same percentage of reduction is made applicable to all retiring members of the employer during a school fiscal year. (6) The board of trustees shall formulate and adopt necessary rules and regulations for the administration of the foregoing provisions. (7) Payments to the retirement system for service credit obtained under this section or for compensation credit obtained under KRS 161.155(10) shall be based on the full actuarial cost as defined in KRS 161.220(22). Effective: July 12, 2006 History: Amended 2006 Ky. Acts ch. 52, sec. 4, effective July 12, 2006. -- Amended 2002 Ky. Acts ch. 275, sec. 29, effective July 1, 2002. -- Amended 2000 Ky. Acts ch. 498, sec. 19, effective July 1, 2000. -- Amended 1998 Ky. Acts ch. 530, sec. 2, effective July 15, 1998. -- Amended 1990 Ky. Acts ch. 476, Pt. V, sec. 530, effective July 13, 1990; and ch. 483, sec. 5, effective July 13, 1990. -- Amended 1986 Ky. Acts ch. 450, sec. 2, effective July 15, 1986. -- Created 1982 Ky. Acts ch. 326, sec. 10, effective July 1, 1982. Legislative Research Commission Note (7/13/90). The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts Ch. 476, pursuant to Section 653(1) of Acts Ch. 476.