2016 Kentucky Revised Statutes
CHAPTER 21 - JUDICIAL RETIREMENT
.525 Contributions by state -- Normal contributions -- Past service liability contribution -- Employer costs for hybrid cash balance plan.

Download as PDF 21.525 Contributions by state -- Normal contributions -- Past service liability contribution -- Employer costs for hybrid cash balance plan. (1) (2) (3) (4) The state, by appropriation to the Judicial Retirement Board, shall contribute annually to the Judicial Retirement System an amount equal to the percent as computed under subsection (2) of this section of the creditable compensation of active members of the Judicial Retirement System, to be known as the "normal contributions," and an additional amount equal to one percent (1%) of the unfunded past service liabilities, plus annual interest accruing thereon at the actuarially assumed rate of interest adopted by the board to be known as the "past service contribution." The normal contribution rate shall be determined either by the entry age normal cost funding method or the unit credit actuarial method, as selected by the board. The past service liability shall be determined by actuarial methods consistent with the methods prescribed for determining the normal contribution rate. The board shall adopt the actuarial assumptions that are to be used in making the determinations. Normal contributions and the past service liability contribution for each fiscal biennium shall be determined on the basis of the actuarial valuation last preceding the commencement of the biennium. Employer costs for the hybrid cash balance plan as provided by KRS 21.402 shall be incorporated into the employer contribution rate of the Legislators' Retirement Plan and the Judicial Retirement Plan as a new benefit tier within the plans. Effective: July 1, 2013 History: Amended 2013 Ky. Acts ch. 120, sec. 32, effective July 1, 2013. -- Amended 1988 Ky. Acts ch. 299, sec. 4, effective July 13, 1984. -- Created 1980 Ky. Acts ch. 246, sec. 6, effective July 15, 1980.