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6.525 Government of plan -- Combining service credit.
The Legislators' Retirement Plan shall be governed by KRS 21.560 and by
provisions identical in terms with those provided in KRS 21.345(1), 21.345(3) to (6),
21.360(1), 21.370 to 21.410, 21.420, 21.425, 21.450, 21.460, 21.470, 21.480,
21.525, 21.540, and 61.552 for the Judicial Retirement Plan, except that:
(1) Five (5) years of service as a legislator will be sufficient for vesting; and
(2) (a) A member of the Legislators' Retirement Plan may combine his service
credit with his service credit in the Teachers' Retirement System,
Kentucky Employees Retirement System, County Employees Retirement
System, and State Police Retirement System at the time of his retirement,
according to the procedure of KRS 61.680(2)(a), except that the salary
used to determine final compensation, if applicable, shall be based on the
creditable compensation in KRS 61.510(13) for service while a member of
the General Assembly whether or not a member of the Legislators'
Retirement Plan.
(b) For members contributing on or after June 20, 2005 but prior to January
1, 2014: Upon retirement, a member's accounts under the Legislators'
Retirement Plan, State Police Retirement System, Kentucky Employees
Retirement System, County Employees Retirement System, and
Teachers' Retirement System shall be consolidated for the purpose of
determining eligibility and amount of benefits as provided in KRS
61.680(2)(a) and in the same manner as for the other retirement systems
using the highest salary regardless of the system in which it was earned.
For purposes of this paragraph, "retirement" means the month in which
the member elects to begin receiving benefits or benefits become payable
due to the member's death.
(c) A member who has an account in the Legislators' Retirement Plan and
the Judicial Retirement Plan may combine his service in both plans for
purposes of determining:
1.
Eligibility and the amount of benefits; and
2.
Final compensation, provided the member began participating in the
Legislators' Retirement Plan prior to January 1, 2014.
(d) A member who began participating in the Legislators' Retirement Plan
prior to January 1, 2014, may retire at the completion of twenty-seven
(27) or more years of combined service credit, so long as at least fifteen
(15) years of such credit were earned after January 1, 1960, and there
shall be no reduction in the retirement allowance because of retirement
before the age of sixty-five (65).
(e) For the purposes of this section, any reference in the KRS sections listed
above to the Judicial Retirement Plan shall also be read as a reference to
the Legislators' Retirement Plan, and any reference to the Legislators'
Retirement Plan shall also be read as a reference to the Judicial
Retirement Plan.
(3) Any other statute to the contrary notwithstanding, a member of any
state-administered retirement system who has ceased to qualify for
membership but subsequently returns to a qualified status, shall, for the
purposes of determining the date of entry into the state-administered retirement
system for the subsequent period or periods of service, be deemed to have
never left the retirement system.
Effective:July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 17, effective July 1, 2013. -Amended 2010 Ky. Acts ch. 148, sec. 1, effective July 15, 2010. -- Amended
2005 Ky. Acts ch. 86, sec. 5, effective June 20, 2005. -- Amended 2003 Ky. Acts
ch. 128, sec. 3, effective June 24, 2003. -- Amended 2002 Ky. Acts ch. 90,
sec. 5, effective July 15, 2002. -- Amended 1998 Ky. Acts ch. 389, sec. 5,
effective July 15, 1998. -- Amended 1996 Ky. Acts ch. 31, sec. 1, effective July
15, 1996. -- Amended 1994 Ky. Acts ch. 266, sec. 7, effective July 15, 1994. -Amended 1990 Ky. Acts ch. 489, sec. 14, effective July 13, 1990. -- Amended
1988 Ky. Acts ch. 299, sec. 5, effective July 15, 1988. -- Amended 1982 Ky.
Acts ch. 326, sec. 13, effective July 1, 1982; and ch. 458, sec. 5, effective April
15, 1982. -- Created 1980 Ky. Acts ch. 407, sec. 16, effective July 1, 1980.
Legislative Research Commission Note (7/1/2013). Section 17 of 2013 Ky. Acts
ch. 120 amended the opening sentence of this statute to insert "Section 12 of
this Act" into the list of KRS sections whose terms govern the Legislators
Retirement Plan. Section 12 of that Act created KRS 21.402. However, the
Reviser of Statutes has not inserted a specific reference to KRS 21.402 in this
list, since the list contains a range of statutes (KRS 21.370 to 21.410) that
includes KRS 21.402.
2012-2014 Budget Reference. See Legislative Branch Budget, 2012 Ky. Acts ch.
19, Pt. I, 1, (1) at 506.
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