2014 Kentucky Revised Statutes CHAPTER 78 - COUNTY EMPLOYEES' CIVIL SERVICE AND RETIREMENT 78.532 Employees formerly employed by private employer -- Credit for former service.
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78.532 Employees formerly employed by private employer -- Credit for former
service.
In the event a county participating in the system or an employer thereof or an eligible
county which elects to participate in the system, or an employer thereof has acquired
a private corporation, company, organization, or entity:
(1) The county may elect, by adopting an order appropriate to its governing body
under KRS 78.530, that the employees of such former private employer who
participate in a retirement plan be eligible for participation in the system.
(2) In the event the county adopts such order, regular full-time employees of the
former private employer will be eligible for current service and prior service for
the period of time said employees were employed by the private employer
acquired if the employee elects to participate in the system as provided in KRS
78.540(2).
(3) If the county elects the alternate participation plan as set forth in KRS
78.530(3), employee contributions made to a retirement plan in which the
employee formerly participated shall be paid into the County Employees
Retirement System and credited to the individual member's account for each
employee electing to terminate coverage under his former retirement plan in
order to participate in the system under the provisions of this section. Proper
credit shall be given to the county for these employee contributions in
computing the cost of participation under the alternate participation plan as
provided by KRS 78.530(3).
(4) If the county does not elect the alternate participation plan as set forth in KRS
78.530(3), employee contributions paid into a former retirement plan by each
employee electing to terminate coverage under his former retirement plan as
authorized by this section, shall be refunded to the employee unless the
employee has a vested account in which case he may elect to leave his
contributions in the former retirement plan in order to later receive a pension
when he becomes eligible.
Effective:June 17, 1978
History: Amended 1978 Ky. Acts ch. 384, sec. 555, effective June 17, 1978. -Created 1976 Ky. Acts ch. 321, sec. 38.
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