Download as PDF
161.500 Service credit.
(1)
(2)
(3)
(4)
At the close of each fiscal year, the retirement system shall add service credit
to the account of each member who made contributions to his or her account
during the year. Members shall be entitled to a full year of service credit if their
total paid days were not less than one hundred eighty (180) days of a one
hundred eighty-five (185) day contract for a regular school or fiscal year. In the
event a member is paid for less than one hundred eighty (180) days, the
member may purchase credit according to administrative regulations
established by the board of trustees. In no case shall more than one (1) year of
service be credited for all service performed in one (1) fiscal year. Members
who complete their employment contract prior to the close of a fiscal year and
elect to retire prior to the close of a fiscal year shall have their service credit
reduced by eight percent (8%) for each calendar month that the retirement
becomes effective prior to July 1.
Members who are employed and paid for less than the number of days
required in their normal employment year shall be entitled to pro rata service
credit for the fractional service. Such credit shall be based upon the number of
days employed and the number of days in the member's annual employment
agreement or normal employment year.
Service credit may not exceed the ratio between the school or fiscal year and
the number of months or fraction of a month the member is employed during
that year.
No service credit shall be granted in the Teachers' Retirement System for
service that has been or will be used in qualifying for annuity benefit payments
from another retirement system financed wholly or in part by public funds.
Effective:July 1, 2000
History: Amended 2000 Ky. Acts ch. 498, sec. 9, effective July 1, 2000. -Amended 1998 Ky. Acts ch. 515, sec. 6, effective July 1, 1998. -- Repealed and
reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 506, effective July 13, 1990. -Amended 1988 Ky. Acts ch. 363, sec. 7, effective July 1, 1988. -- Amended
1984 Ky. Acts ch. 253, sec. 10, effective July 1, 1984. -- Amended 1972 Ky.
Acts ch. 82, sec. 10. -- Amended 1962 Ky. Acts ch. 64, sec. 6. -- Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 4506b-31.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.