Download as PDF
6.520 Retirement benefits for members who began participating before
January 1, 2014.
(1)
(2)
(3)
(4)
(5)
A member of the Legislators' Retirement Plan who retires on or after his normal
retirement date shall receive a service retirement allowance, payable monthly
during his lifetime, in an amount per month equal to three and fifty
one-hundredths percent (3.50%) of his final compensation multiplied by the
number of years of his service, but in no event to exceed one hundred percent
(100%) of final compensation. For this purpose, "final compensation" means
the average monthly creditable compensation as determined in KRS
61.510(13) of the member for services as a legislator for the three (3) years
during which the member had the highest creditable legislative compensation.
A member shall have rights, with respect to retirement before reaching normal
retirement date in the Legislators' Retirement Plan, identical in terms with those
rights provided in KRS 21.400(2) and (3) in the Judicial Retirement Plan for
members of that plan, except that the reduction in a legislators' service
retirement allowance for early retirement shall be at the rate of five percent
(5%) of the allowance for each year that retirement precedes the normal
retirement date.
Subsections (1) and (2) of this section to the contrary notwithstanding, each
legislator in office on July 1, 1982, that is a member of the Legislators'
Retirement Plan, who retires on or after his normal retirement date, shall
receive a service retirement allowance, payable monthly, on a formula equal to
that of a justice or judge of the Court of Justice with an equivalent service
entrance date, but in no event less than that specified in subsection (1) of this
section, of his final compensation multiplied by the number of years of his
service, but in no event to exceed one hundred percent (100%) of his final
compensation. For this purpose, "final compensation" means the average
monthly creditable compensation as determined in KRS 61.510(13) of the three
(3) years during which the member had the highest creditable legislative
compensation.
Subsections (1) and (2) of this section to the contrary notwithstanding, a
member of the Legislators' Retirement Plan with a service entrance date after
July 1, 1982 but prior to January 1, 2014, who retires on or after his normal
retirement date, shall receive a service retirement allowance, payable monthly
during his lifetime, in an amount per month equal to two and seventy-five
one-hundredths percent (2.75%) of his final compensation multiplied by the
number of years of his service, but in no event to exceed one hundred percent
(100%) of final compensation. For this purpose, "final compensation" means
the average monthly creditable compensation as determined in KRS
61.510(13) of the member for services as a legislator for the three (3) years
during which the member had the highest creditable legislative compensation.
Subsections (1) to (4) of this section shall not apply to members who begin
participating in the Legislators' Retirement Plan on or after January 1, 2014.
Effective:July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 15, effective July 1, 2013. -Amended 2005 Ky. Acts ch. 86, sec. 4, effective June 20, 2005. -- Amended
2003 Ky. Acts ch. 128, sec. 2, effective June 24, 2003. -- Amended 1984 Ky.
Acts ch. 111, sec. 11, effective July 13, 1984. -- Amended 1982 Ky. Acts
ch. 458, sec. 8, effective April 15, 1982. -- Created 1980 Ky. Acts ch. 407,
sec. 15, effective July 1, 1980.
2012-2014 Budget Reference. See Legislative Branch Budget, 2012 Ky. Acts ch.
19, Pt. I, 1, (1) at 506.
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.