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16.577 Early retirement for members who began participating before January 1,
2014.
(1)
(2)
(3)
(4)
Upon retirement at early retirement date, a member may receive an annual
retirement allowance payable monthly during his lifetime which shall be determined
in the same manner as for retirement at his normal retirement date, with years of
service and final compensation being determined as of the date of his actual
retirement, but the amount of the retirement allowance so determined shall be
reduced at an amount determined by the board's actuary to reflect the earlier
commencement of benefits.
For a member who begins participating before September 1, 2008, there shall be no
reduction in the retirement allowance if the member has twenty (20) or more years
of service credit, at least fifteen (15) of which are current service.
For a member who begins participating on or after September 1, 2008, but prior to
January 1, 2014, there shall be no reduction in the retirement allowance if the
member has twenty-five (25) or more 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
benefit calculation prescribed by KRS 16.583.
Effective: July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 39, effective July 1, 2013. -- Amended
2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 9, effective June 27, 2008. -- Amended
2000 Ky. Acts ch. 385, sec. 3, effective July 14, 2000. -- Amended 1984 Ky. Acts ch.
95, sec. 2, effective July 13, 1984. -- Amended 1978 Ky. Acts ch. 127, sec. 1,
effective June 17, 1978. -- Created 1970 Ky. Acts ch. 76, sec. 4.
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