2021 Kentucky Revised Statutes Chapter 78 - County employees' civil service and retirement 78.5510 Members of County Employees Retirement System who began participating before January 1, 2014, with service in nonhazardous positions -- Eligibility for retirement allowance.
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78.5510
Members of County Employees Retirement System who began
participating before January 1, 2014, with service in nonhazardous
positions -- Eligibility for retirement allowance.
(1)
(2)
(3)
The provisions of this section shall only apply to members of the County
Employees Retirement System who began participating in the system prior to
January 1, 2014, who have service in a nonhazardous position.
(a) A member who began participating prior to September 1, 2008, is eligible
for a retirement allowance determined under subsection (4)(a) or (b) of
this section, as applicable, for his or her service if:
1.
The member has attained normal retirement age and has four (4) or
more years of service, at least one (1) of which is current service;
2.
The member has twenty-seven (27) or more years of service, at
least fifteen (15) of which are current service;
3.
The member has attained age fifty-five (55) and has five (5) or more
years of service, at least one (1) of which is current service; or
4.
The member is less than age fifty-five (55) and has twenty-five (25)
or more years of service, at least fifteen (15) of which are current
service.
(b) In lieu of any other benefits due under KRS 78.510 to 78.852, a member
who began participating prior to September 1, 2008, who has attained
normal retirement age and who has obtained at least one (1) month of
service credit but no more than forty-seven (47) months of service may
elect to receive an annual retirement allowance payable monthly or less
frequently, as determined by the board, which shall be determined by
multiplying his or her accumulated contributions by two (2) and converting
this amount to an annual retirement allowance based on an annuity rate
adopted by the board which would pay the actuarial equivalent of twice
his or her accumulated contributions over the lifetime of the retired
member.
(c) A member who began participating prior to September 1, 2008, who has
earned vested service credit in a retirement system, other than the
Teachers' Retirement System, sponsored by a Kentucky institution of
higher education, the Council on Postsecondary Education, or the Higher
Education Assistance Authority, may count the vested service toward
attaining the necessary years of service credit as provided in paragraph
(a)2. and 4. of this subsection to qualify for a retirement allowance. The
credit from a Kentucky institution of higher education, the Council on
Postsecondary Education, or the Higher Education Assistance Authority
shall not be used toward the minimum fifteen (15) years of current service
required by paragraph (a)2. and 4. of this subsection or to calculate his or
her retirement allowance pursuant to this section. The provisions of this
paragraph shall not be construed to limit the use of Teachers' Retirement
System credit pursuant to KRS 61.680(2)(a).
A member who began participating on or after September 1, 2008, but prior to
January 1, 2014, is eligible for a retirement allowance determined under
subsection (4)(c) of this section if:
(a)
(4)
The member has attained normal retirement age and has at least five (5)
years of service credited under KRS 16.543(1), 61.543(1), or 78.615(1),
or another state-administered retirement system;
(b) The member is fifty-seven (57) years of age or older and has an age and
years of service total of at least eighty-seven (87) years. The years of
service used to determine eligibility for a retirement allowance under this
paragraph shall only include years of service credited under KRS
16.543(1), 61.543(1), or 78.615(1), or another state-administered
retirement system; or
(c) The member is sixty (60) years of age or older and has at least ten (10)
years of service credited under KRS 16.543(1), 61.543(1), or 78.615(1),
or another state-administered retirement system.
Upon retirement under the conditions specified by subsections (2) and (3) of
this section except as provided by subsection (2)(b) of this section, a member
covered by this section may receive an annual retirement allowance, payable
monthly during his or her lifetime, which shall consist of an amount equal to:
(a) Two and two-tenths percent (2.2%) of final compensation multiplied by
the number of years of service credit, if the member began participating
prior to August 1, 2004;
(b) Two percent (2%) of final compensation multiplied by the number of years
of service credit, if the member began participating on or after August 1,
2004, but prior to September 1, 2008;
(c) If the member began participating on or after September 1, 2008, but
prior to January 1, 2014:
1. a.
One and one-tenth percent (1.1%) of final compensation for
each year of service if the member has earned ten (10) or less
years of service at retirement;
b.
One and three-tenths percent (1.3%) of final compensation for
each year of service if the member has earned greater than ten
(10) but no more than twenty (20) years of service at
retirement;
c.
One and one-half percent (1.5%) of final compensation for
each year of service if the member has earned greater than
twenty (20) but no more than twenty-six (26) years of service at
retirement; or
d.
One and three-quarters percent (1.75%) of final compensation
for each year of service if the member has earned greater than
twenty-six (26) but no more than thirty (30) years of service at
retirement; and
2.
Two percent (2%) of final compensation for each year of service
earned in excess of thirty (30) years of service at retirement; and
(d) The annual retirement allowance determined under this subsection shall:
1.
Not be reduced for a member retiring under the provisions specified
by subsections (2)(a)1., (2)(a)2., (3)(a), and (3)(b) of this section;
and
2.
Be reduced for a member retiring under the provisions specified by
subsections (2)(a)3., (2)(a)4., and (3)(c) of this section by an amount
determined by the board's actuary to reflect the earlier
commencement of benefits.
Effective:April 1, 2021
History: Created 2021 Ky. Acts ch. 102, sec. 1, effective April 1, 2021.
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