2014 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM 61.559 Service required for retirement allowance of members who began participating before January 1, 2014.
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61.559 Service required for retirement allowance of members who began
participating before January 1, 2014.
(1)
(2)
(3)
In lieu of any other benefits due under KRS 61.510 to 61.705 and 78.510 to
78.852, a member who begins participating before September 1, 2008, who
has attained the age of sixty-five (65) and who has obtained at least one (1)
month of service credit but no more than forty-seven (47) months of service
may elect to receive an annual retirement allowance payable monthly or less
frequently, as determined by the board, which shall be determined by
multiplying his accumulated contributions by two (2) and converting this amount
to an annual retirement allowance based on an annuity rate adopted by the
board which would pay the actuarial equivalent of twice his accumulated
contributions over the lifetime of the retired member.
A member who begins participating before September 1, 2008, who is
sixty-five (65) years of age or older is eligible for a retirement allowance
determined under KRS 61.595 provided such member has forty-eight (48)
months of service, at least twelve (12) of which are current service, or a
retirement allowance determined under KRS 61.595 prior to age sixty-five (65)
provided:
(a) The member has attained age fifty-five (55) and has service of sixty (60)
months at least twelve (12) of which are current service; or
(b) The member is a retired member of the State Police Retirement System,
has attained age fifty-five (55), and has service of forty-eight (48) months
at least twelve (12) of which are current service; or
(c) The member is less than age fifty-five (55) and has twenty-five (25) or
more years of service, at least fifteen (15) of which are current service; or
(d) The member has thirty (30) or more years of service at least fifteen (15)
of which are current service, or the member of the Kentucky Employees
Retirement System or the County Employees Retirement System has
twenty-seven (27) or more years of service, at least fifteen (15) of which
are current service; or
(e) The member of the Kentucky Employees Retirement System has, at
least, twenty-six (26) years of service credit, at least sixteen (16) of which
are current consecutive years of service as a cabinet secretary or
administrative head of one (1) of the three (3) branches of government; or
(f) The member has attained age fifty-five (55) and was an employee of a
parted employer at the time his employer became ineligible to continue
participation in the system, and his service in the system when added to
his service with the parted employer subsequent to his separation from
state government equals the early retirement service eligibility
requirement of the system on the date his employer became ineligible to
continue participation in the system.
A member who begins participating on or after September 1, 2008, but prior to
January 1, 2014, is eligible for a retirement allowance determined under KRS
61.595 if:
(a) The member is sixty-five (65) years of age or older and has at least five
(5) years of service credited under KRS 16.543(1), 61.543(1), or
(4)
78.615(1) or another state-administered retirement system;
(b) The member is fifty-seven (57) years of age or older and has an age and
years of service total of at least eighty-seven (87) years. The years of
service used to determine eligibility for a retirement allowance under this
paragraph shall only include years of service credited under KRS
16.543(1), 61.543(1), or 78.615(1) or another state-administered
retirement system; or
(c) The member is sixty (60) years of age or older and has at least ten (10)
years of service credited under KRS 16.543(1), 61.543(1), or 78.615(1) or
another state-administered retirement system.
Subsections (1) to (3) of this section shall not apply to members who begin
participating in the system on or after January 1, 2014. Members who begin
participating in the system on or after January 1, 2014, shall receive the
retirement benefits prescribed by KRS 61.597.
Effective:July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 52, effective July 1, 2013. -Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 14, effective June 27,
2008. -- Amended 1994 Ky. Acts ch. 502, sec. 2, effective April 13, 1994. -Amended 1990 Ky. Acts ch. 221, sec. 3, effective July 13, 1990; and ch. 342,
sec. 2, effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 232, sec. 4,
effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 423, sec. 8, effective July
15, 1982. -- Amended 1980 Ky. Acts ch. 188, sec. 18, effective July 15, 1980. -Amended 1978 Ky. Acts ch. 311, sec. 14, effective June 17, 1978. -- Amended
1976 Ky. Acts ch. 321, sec. 19. -- Amended 1974 Ky. Acts ch. 128, sec. 16. -Created 1966 Ky. Acts ch. 35, sec. 15.
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