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161.600 Retirement conditions.
(1)
(2)
(3)
Effective July 1, 1988, a member of the retirement system may qualify for
service retirement by meeting one (1) of the following requirements:
(a) Attainment of age sixty (60) years and completion of five (5) years of
Kentucky service;
(b) 1.
For an individual who becomes a member before July 1, 2008,
attainment of age fifty-five (55) years and completion of a minimum
of five (5) years of Kentucky service with an actuarial reduction of
the basic allowance of five percent (5%) for each year the member's
age is less than sixty (60) years or for each year the member's years
of Kentucky service credit is less than twenty-seven (27), whichever
is the lesser number; and
2.
For an individual who becomes a member on or after July 1, 2008,
attainment of age fifty-five (55) years and completion of a minimum
of ten (10) years of Kentucky service with an actuarial reduction of
the basic retirement allowance of six percent (6%) for each year the
member's age is less than sixty (60) years or for each year the
member's years of Kentucky service credit is less than twenty-seven
(27), whichever is the lesser number;
(c) Completion of twenty-seven (27) years of Kentucky service. Out-of-state
service earned in accordance with the provisions of KRS 161.515(2) may
be used to meet this requirement; or
(d) Completion of the necessary years of service under provisions of KRS
61.559(2)(c) if the member is retiring under the reciprocity provisions of
KRS 61.680. A member retiring under this paragraph who has not
attained age fifty-five (55) shall incur an actuarial reduction of the basic
allowance determined by the system's actuary for each year the
member's service credit is less than twenty-seven (27).
Any person who has been a member in Kentucky for twenty-seven (27) years
or more and who withdraws from covered employment may continue to pay
into the fund each year until the end of the fiscal year in which he reaches the
age of sixty-five (65) years, the current contribution rate based on the annual
compensation received during the member's last full year in covered
employment, less any payment received for accrued sick leave or accrued
leave from an employer. The member shall be entitled to receive a retirement
allowance as provided in KRS 161.620 at any time after withdrawing from
covered employment and payment of contributions under this subsection. No
member shall make contributions as provided for in this subsection if the
member is at the same time making contributions to another retirement system
in Kentucky supported wholly or in part by public funds.
Service credit in the Kentucky Employees Retirement System, the State Police
Retirement System, the Legislators' Retirement Plan, the County Employees
Retirement System, or the Judicial Retirement System may be used in meeting
the service requirements of subsection (1)(a), (b), and (c) of this section,
provided the service is subsequent to July 1, 1956. Upon death, disability, or
service retirement, a member's accounts under all state supported retirement
systems shall be consolidated, as provided by this section and by KRS 61.680,
(4)
(5)
for the purpose of determining eligibility and amount of benefits, which shall
include medical benefits. Upon determination of benefits, each system shall
pay the applicable percentage of total benefits. The effective date of retirement
under this subsection shall be determined by each retirement system for the
portion of the payments that will be made.
No retirement annuity shall be effective until written application and option
election forms are filed with the retirement office in accordance with
administrative regulations of the board of trustees. A member may withdraw his
or her retirement application, postpone his or her effective retirement date, or
change his or her retirement option if these elections are made no later than
the fifteenth day of the month in which the member has made application for
retirement.
The surviving spouse of an active contributing member, if named as
beneficiary of the member's account, may purchase retirement credit that the
member was eligible to purchase prior to the member's death.
Effective:June 27, 2008
History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 37, effective June
27, 2008. -- Amended 2008 Ky. Acts ch. 78, sec. 13, effective July 1, 2008. -Amended 2004 Ky. Acts ch. 121, sec. 15, effective July 1, 2004. -- Amended
1996 Ky. Acts ch. 359, sec. 12, effective July 1, 1996. -- Amended 1994 Ky.
Acts ch. 369, sec. 16, effective July 1, 1994. -- Amended 1990 Ky. Acts ch. 442,
sec. 13, effective July 1, 1990; and ch. 476, Pt. V, sec. 524, effective July 13,
1990. -- Amended 1988 Ky. Acts ch. 240, sec. 1, effective July 15, 1988;
ch. 260, sec. 1, effective July 15, 1988; and ch. 363, sec. 14, effective July 1,
1988. -- Amended 1986 Ky. Acts ch. 440, sec. 11, effective July 1, 1986. -Amended 1982 Ky. Acts ch. 114, sec. 1, effective July 15, 1982; and ch. 326,
sec. 14, effective July 1, 1982. -- Amended 1978 Ky. Acts ch. 43, sec. 1,
effective June 17, 1978; and ch. 152, sec. 12, effective March 28, 1978. -Amended 1976 Ky. Acts ch. 351, sec. 15, effective July 1, 1976. -- Amended
1974 Ky. Acts ch. 395, sec. 15. -- Amended 1972 Ky. Acts ch. 82, sec. 17. -Amended 1968 Ky. Acts ch. 136, sec. 9. -- Amended 1964 Ky. Acts ch. 43,
sec. 13. -- Amended 1962 Ky. Acts ch. 64, sec. 12. -- Amended 1960 Ky. Acts
ch. 44, sec. 12. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 4506b-41.
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 sec. 653(1) of Acts ch. 476.
Legislative Research Commission Note. This section was amended by three
1988 Acts, part of which conflict and cannot be compiled together. Pursuant to
KRS 446.250, the later enactment prevails.
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