2019 Kentucky Revised Statutes Chapter 61 - General provisions as to offices and officers -- social security for public employees -- employees retirement system 61.5955 Election to participate in money purchase plan by member in nonhazardous position who began participating in KERS or CERS before January 1, 2019. (Declared void -- See LRC Note Below).
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61.5955
Election to participate in money purchase plan by member in
nonhazardous position who began participating in KERS or CERS before
January 1, 2019. (Declared void -- See LRC Note Below)
Notwithstanding KRS 16.505 to 16.652, 61.510 to 61.705, and 78.510 to 78.852:
(1) Subject to the provisions of this section, any participating member who began
participating in a nonhazardous position in the Kentucky Employees Retirement
System or the County Employees Retirement System prior to July 1, 2019, may on
or after July 1, 2019, but prior to January 1, 2021, elect to be provided the following
benefits:
(a) Participation in the 401(a) money purchase plan provided by KRS 61.5956 in
lieu of accruing any additional benefits provided by KRS 61.510(14), 61.595,
61.597, or 78.510(14); and
(b) Any other benefits the person would be eligible for in the Kentucky
Employees Retirement System or County Employees Retirement System
based upon the election provided by this section or his or her membership date
in the state-administered retirement systems;
(2) The election provided by this section shall be made in writing and on a form
prescribed by the Kentucky Retirement Systems board;
(3) For each member who makes an election provided by this section, any service
credit, final compensation, or other benefits the member has accrued prior to the
effective election date, shall remain but the member shall not accrue any additional
service, final compensation, or any other benefits in a nonhazardous position in the
Kentucky Employees Retirement System or County Employees Retirement System
on or after the effective election date for purposes of determining benefits under
KRS 61.510(14), 61.595, 61.597, or 78.510(14);
(4) Before accepting an election provided by this section, the Kentucky Retirement
Systems 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;
(6) (a) A member of the Kentucky Employees Retirement System or the County
Employees Retirement System shall not be eligible to make an election
prescribed by this section until the Kentucky Retirement Systems receive 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 Kentucky Retirement Systems may promulgate administrative regulations
under KRS Chapter 13A in order to carry out this section; and
(7) This section shall not apply to retirees who were reemployed on or after September
1, 2008, and who are not eligible to participate in the systems during reemployment.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 107, sec. 38, effective July 14, 2018. -- Created
2017 Ky. Acts ch. 125, sec. 6, effective March 27, 2017.
Legislative Research Commission Note (12/13/2018). On December 13, 2018, the
Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch.
107), did not comply with the three-readings rule of Kentucky Constitution Section
46 and that the legislation is, therefore, constitutionally invalid and declared void.
That ruling applies to changes made to this statute in that Act.
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