2022 Kentucky Revised Statutes Chapter 161 - School employees -- teachers' retirement and tenure 161.310 Administrative regulations -- Rules, regulations, and policies of participating employers to conform to chapter -- Retirement incentives.
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161.310
Administrative regulations -- Rules, regulations, and policies of
participating employers to conform to chapter -- Retirement incentives.
(1)
(2)
(3)
The board of trustees shall from time to time promulgate administrative regulations
for the administration of the funds of the retirement system and for the transaction
of business.
All rules, regulations, or policies adopted by school districts, universities, or other
employers participating in the Teachers' Retirement System that pertain to the
retirement system shall conform to this chapter.
All rules, regulations, or policies adopted, or decisions made, by school districts,
universities, or other employers participating in the Teachers' Retirement System
that pertain to retirement incentives for members as defined in KRS 161.220(4)
shall contain provisions for the school district, university, or other employer to
make full payment to the retirement system at the time a member retires for all
actuarial obligations that occur to the retirement system as a result of retirement
incentive payments with no resulting financial obligation for the state. Any
retirement incentive provided by the employer to a member on the condition that the
member terminate employment with the employer shall be deemed a retirement
incentive for purposes of this subsection if the member retires within six (6) months
following the member's termination in employment. Retirement incentives include
remuneration of any kind and any tangible or intangible benefit provided to or on
behalf of the member before, after, or at the member's date of retirement.
Retirement incentives do not include lump-sum payments for accumulated sick,
annual, or compensatory leave that are generally available to members upon
termination of employment. Notwithstanding any provision of KRS 161.220 to
161.716 to the contrary, retirement incentives shall not be included in a member's
final average salary or annual compensation as defined under KRS 161.220(9) and
(10), respectively. This subsection shall not apply to retirement incentive plans
adopted by local boards of education prior to December 31, 1997, and to those
employees of local school districts who retired on or before July 1, 1998.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 192, sec. 4, effective June 29, 2021. -- Amended
2008 Ky. Acts ch. 78, sec. 3, effective July 1, 2008. -- Amended 2002 Ky. Acts ch.
275, sec. 5, effective July 1, 2002. -- Amended 1998 Ky. Acts ch. 515, sec. 3,
effective July 1, 1998. -- Amended 1994 Ky. Acts ch. 369, sec. 2, effective July 1,
1994. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 490, effective
July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 4506b-11.
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