2014 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM 61.5525 Method for determining purchase of service credit -- Exceptions.
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61.5525 Method for determining purchase of service credit -- Exceptions.
(1)
(2)
(3)
(4)
Effective July 1, 2001, purchase of service under the provisions of KRS 16.505
to 16.652, 61.510 to 61.705, and 78.510 to 78.852, except as provided in
subsection (2) of this section, shall be determined by multiplying the higher of
the employee's current rate of pay, final rate of pay, or final compensation as of
the end of the month in which the purchase is made times the actuarial factor
times the number of years of service being purchased. Effective September 1,
2008, the actuarial factor used to determine the cost of purchasing service
credit shall assume the earliest date the member may retire without a reduction
in benefits and the cost-of-living adjustments provided to members upon
retirement under KRS 61.691.
This provision shall not apply to KRS 61.552(1) and (23) or 61.592(3)(c).
Service purchased on or after August 1, 2004, under the provisions of KRS
16.505 to 16.652, 61.510 to 61.705, and 78.510 to 78.852, except for service
purchased under KRS 61.552(1) and (23), shall not be used to determine
eligibility for or the amount of the monthly insurance contribution under KRS
61.702.
For a member whose participation begins on or after August 1, 2004, service
purchased under the provisions of KRS 16.505 to 16.652, 61.510 to 61.705,
and 78.510 to 78.852, except for service purchased under KRS 61.552(1) and
(23), shall not be used to determine eligibility for a retirement allowance under
disability retirement, early retirement, normal retirement, or death under any of
the provisions of KRS 16.505 to 16.652, 61.510 to 61.705, and 78.510 to
78.852. Purchased service shall only be used to determine the amount of the
retirement allowance of a member who is eligible for a retirement allowance
under disability, early retirement, normal retirement, or death under any of the
provisions of KRS 16.505 to 16.652, 61.510 to 61.705, and 78.510 to 78.852,
based on service earned as a participating employee.
Effective:June 27, 2008
History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 13, effective June
27, 2008. -- Amended 2004 Ky. Acts ch. 33, sec. 2, effective July 13, 2004. -Amended 2002 Ky. Acts ch. 52, sec. 24, effective July 15, 2002. -- Created 2001
Ky. Acts ch. 7, sec. 6, effective June 21, 2001.
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