2013 Kentucky Revised Statutes CHAPTER 161 - SCHOOL EMPLOYEES -- TEACHERS' RETIREMENT AND TENURE 161.569 Effect of election to participate -- Payment of benefits -- Taxation and attachment of benefits -- Employer contributions.
Download as PDF
161.569 Effect of election to participate -- Payment of benefits -- Taxation and
attachment of benefits -- Employer contributions.
(1)
(2)
(3)
(4)
(5)
Any person electing to participate in the optional retirement plan shall be
ineligible for membership in the regular retirement plan of the Kentucky
Teachers' Retirement System for as long as the participant is employed in a
position for which the optional retirement plan is available, except as provided
in KRS 161.568(1).
Any person electing to participate in the optional retirement plan shall
acknowledge in writing that the benefits payable to participants are not the
obligation of the Commonwealth of Kentucky or the Kentucky Teachers'
Retirement System, and that these benefits and other rights of the optional
retirement plan are the liability and responsibility solely of the designated
companies to which contributions have been made.
Benefits shall be payable to optional retirement plan participants or their
beneficiaries by the designated companies in accordance with the contracts
issued by each company and the retirement plan provisions adopted by each
public institution.
Annuity contracts issued under the optional retirement plan and all rights of a
participant in the optional retirement plan shall be exempt from any state, local,
or municipal tax; assessment for the insolvency of any life, health, or casualty
insurance company; any levy or sale, garnishment, or attachment; or any
process whatsoever, and shall be unassignable except as otherwise
specifically provided by the contracts offered under the optional retirement plan
adopted by the respective public institutions of higher education. Except
contracts issued and rights accrued in the optional retirement plan on or after
January 1, 1998, shall be subject to the tax imposed by KRS 141.020, to the
extent provided in KRS 141.010 and 141.0215.
Each institution shall contribute for each payroll period of each fiscal year to
the Kentucky Teachers' Retirement System, an amount equal to five and
one-tenth percent (5.1%) of the total salaries of all persons who elect or
elected to participate in the optional retirement plan instead of the Kentucky
Teachers' Retirement System. This payment shall continue to be made until
July 1, 2048.
Effective:April 7, 2008
History: Amended 2008 Ky. Acts ch. 11, sec. 3, effective April 7, 2008. -- Amended
2004 Ky. Acts ch. 121, sec. 26, effective July 1, 2004. -- Amended 1996 Ky.
Acts ch. 253, sec. 3, effective July 15, 1996. -- Amended 1995 (2d Extra. Sess.)
Ky. Acts ch. 1, sec. 8, effective April 28, 1995. -- Created 1994 Ky. Acts ch. 290,
sec. 3, effective July 15, 1994.
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.