2014 Kentucky Revised Statutes CHAPTER 161 - SCHOOL EMPLOYEES -- TEACHERS' RETIREMENT AND TENURE 161.623 Use of unused sick-leave days to determine service credit -- Applicability to individuals becoming members on or after July 1, 2008.
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161.623 Use of unused sick-leave days to determine service credit -Applicability to individuals becoming members on or after July 1, 2008.
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Effective July 1, 1982, and thereafter, a district board of education or other
employer of members of the Teachers' Retirement System may compensate,
at the time of retirement for service, an active contributing member for unused
sick-leave days in accordance with this section.
Upon the member's application for service retirement, the employer shall certify
the retiring member's unused accumulated sick-leave balance to the board of
trustees of the Kentucky Teachers' Retirement System. The member's
sick-leave balance, expressed in days, shall be divided by one hundred
eighty-five (185) days to determine the amount of service credit that may be
considered for addition to the member's retirement account for the purpose of
determining the retirement allowance under KRS 161.620. Notwithstanding any
statute to the contrary, sick-leave credit that is accredited under this section or
by one (1) of the other state-administered retirement systems shall not be used
for the purpose of determining whether the member is eligible to receive a
retirement allowance from the Kentucky Teachers' Retirement System.
The board shall compute the cost to the retirement system of the sick-leave
credit for each retiring member and shall bill the last employer of the retiring
member for such cost. The employer shall pay the cost of such service credit to
the retirement system within fifteen (15) days after receiving notification of the
cost from the board.
Retiring members who receive service credit under this section shall not be
eligible to receive compensation for accrued sick leave under KRS 161.155(10)
or any other statutory provision.
Employer participation is optional and the employer may opt to purchase less
service credit than the member is eligible to receive provided the same
percentage of reduction is made applicable to all retiring members of the
employer during a school fiscal year.
The board of trustees shall formulate and adopt necessary rules and
regulations for the administration of the foregoing provisions.
Payments to the retirement system for service credit obtained under this
section or for compensation credit obtained under KRS 161.155(10) shall be
based on the full actuarial cost as defined in KRS 161.220(22).
For an individual who becomes a member on or after July 1, 2008, the
maximum amount of unused accumulated sick leave that may be considered
for addition to the member's retirement account for purposes of determining the
retirement allowance under KRS 161.620 shall not exceed three hundred (300)
days.
Effective:June 27, 2008
History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 40, effective June
27, 2008. -- Amended 2008 Ky. Acts ch. 78, sec. 18, effective July 1, 2008. -Amended 2006 Ky. Acts ch. 52, sec. 4, effective July 12, 2006. -- Amended
2002 Ky. Acts ch. 275, sec. 29, effective July 1, 2002. -- Amended 2000 Ky.
Acts ch. 498, sec. 19, effective July 1, 2000. -- Amended 1998 Ky. Acts ch. 530,
sec. 2, effective July 15, 1998. -- Amended 1990 Ky. Acts ch. 476, Pt. V,
sec. 530, effective July 13, 1990; and ch. 483, sec. 5, effective July 13, 1990. -Amended 1986 Ky. Acts ch. 450, sec. 2, effective July 15, 1986. -- Created 1982
Ky. Acts ch. 326, sec. 10, effective July 1, 1982.
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 Section 653(1) of Acts Ch. 476.
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