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6.520 Retirement benefits for members who began participating before January 1,
2014.
(1)
(2)
(3)
(4)
(5)
A member of the Legislators' Retirement Plan who retires on or after his normal
retirement date shall receive a service retirement allowance, payable monthly during
his lifetime, in an amount per month equal to three and fifty one-hundredths percent
(3.50%) of his final compensation multiplied by the number of years of his service,
but in no event to exceed one hundred percent (100%) of final compensation. For
this purpose, "final compensation" means the average monthly creditable
compensation as determined in KRS 61.510(13) of the member for services as a
legislator for the three (3) years during which the member had the highest creditable
legislative compensation.
A member shall have rights, with respect to retirement before reaching normal
retirement date in the Legislators' Retirement Plan, identical in terms with those
rights provided in KRS 21.400(2) and (3) in the Judicial Retirement Plan for
members of that plan, except that the reduction in a legislators' service retirement
allowance for early retirement shall be at the rate of five percent (5%) of the
allowance for each year that retirement precedes the normal retirement date.
Subsections (1) and (2) of this section to the contrary notwithstanding, each
legislator in office on July 1, 1982, that is a member of the Legislators' Retirement
Plan, who retires on or after his normal retirement date, shall receive a service
retirement allowance, payable monthly, on a formula equal to that of a justice or
judge of the Court of Justice with an equivalent service entrance date, but in no
event less than that specified in subsection (1) of this section, of his final
compensation multiplied by the number of years of his service, but in no event to
exceed one hundred percent (100%) of his final compensation. For this purpose,
"final compensation" means the average monthly creditable compensation as
determined in KRS 61.510(13) of the three (3) years during which the member had
the highest creditable legislative compensation.
Subsections (1) and (2) of this section to the contrary notwithstanding, a member of
the Legislators' Retirement Plan with a service entrance date after July 1, 1982 but
prior to January 1, 2014, who retires on or after his normal retirement date, shall
receive a service retirement allowance, payable monthly during his lifetime, in an
amount per month equal to two and seventy-five one-hundredths percent (2.75%) of
his final compensation multiplied by the number of years of his service, but in no
event to exceed one hundred percent (100%) of final compensation. For this
purpose, "final compensation" means the average monthly creditable compensation
as determined in KRS 61.510(13) of the member for services as a legislator for the
three (3) years during which the member had the highest creditable legislative
compensation.
Subsections (1) to (4) of this section shall not apply to members who begin
participating in the Legislators' Retirement Plan on or after January 1, 2014.
Effective: July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 15, effective July 1, 2013. -- Amended
2005 Ky. Acts ch. 86, sec. 4, effective June 20, 2005. -- Amended 2003 Ky. Acts ch.
128, sec. 2, effective June 24, 2003. -- Amended 1984 Ky. Acts ch. 111, sec. 11,
effective July 13, 1984. -- Amended 1982 Ky. Acts ch. 458, sec. 8, effective April
15, 1982. -- Created 1980 Ky. Acts ch. 407, sec. 15, effective July 1, 1980.
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