2017 Kentucky Revised Statutes CHAPTER 21 - JUDICIAL RETIREMENT .374 Election by member participating in the Legislators' Retirement Plan or the Judicial Retirement Plan prior to January 1, 2014, to forgo current benefit eligibility and instead receive benefits and rights of members who began participating in either plan on or after January 1, 2014, including participating in hybrid cash balance plan.
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21.374 Election by member participating in the Legislators' Retirement Plan
or the Judicial Retirement Plan prior to January 1, 2014, to forgo current
benefit eligibility and instead receive benefits and rights of members who
began participating in either plan on or after January 1, 2014, including
participating in hybrid cash balance plan.
Notwithstanding KRS 6.500 to 6.577 and 21.345 to 21.580:
(1) Subject to the provisions of this section, any member who began participating
in the Legislators' Retirement Plan or the Judicial Retirement Plan prior to
January 1, 2014, may in lieu of the benefits he or she is currently eligible to
receive under the plans, elect to receive the benefits and rights provided to
members who began participating in the Legislators' Retirement Plan or the
Judicial Retirement Plan on or after January 1, 2014, including participating in
the hybrid cash balance plan created pursuant to KRS 21.402;
(2) The election provided by this section shall be made in writing and on a form
prescribed by the Judicial Form Retirement System board;
(3) For each member who makes an election provided by this section:
(a) Any service credit the member has accrued prior to January 1, 2014,
shall be considered as service credit earned on or after January 1, 2014,
for purposes of determining benefits under KRS 6.500 to 6.577 and
21.345 to 21.580;
(b) On the member's effective election date, the value of the member's
accumulated contributions, less any interest, shall be deposited into the
member's hybrid cash balance account as provided by KRS 21.402 and
considered part of the member's accumulated account balance;
(c) On the member's effective election date, an employer pay credit as
provided by KRS 21.402 shall be added to the member's accumulated
account balance for each month the member contributed to the
Legislators' Retirement Plan or the Judicial Retirement Plan prior to his or
her effective election date; and
(d) Interest credits as provided by KRS 21.402 shall only be applied for
periods occurring on or after the member's effective election date;
(4) Before accepting an election provided by this section, the Judicial Form
Retirement System board shall provide the member with information detailing
the potential results of the member's election;
(5) An election made pursuant to this section shall be irrevocable; and
(6) (a) A member of the Legislators' Retirement Plan or the Judicial Retirement
Plan shall not be eligible to make an election prescribed by this section
until the Judicial Form Retirement System receives a favorable private
letter ruling from the Internal Revenue Service regarding this section.
(b) If the Internal Revenue Service denies the request for a private letter
ruling as provided by paragraph (a) of this subsection, this section shall
be void.
(c) The Judicial Form Retirement System may promulgate administrative
regulations under KRS Chapter 13A in order to carry out this section.
Effective:March 27, 2017
History: Created 2017 Ky. Acts ch. 125, sec. 4, effective March 27, 2017.
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