16.577 Early retirement for members who began participating before January

220 words·~1 min read·/ky/16-577

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

1, 2014.

(1)Upon retirement at early retirement date, a member may receive an annual

retirement allowance payable monthly during his lifetime which shall be

determined in the same manner as for retirement at his normal retirement date,

with years of service and final compensation being determined as of the date of

his actual retirement, but the amount of the retirement allowance so

determined shall be reduced at an amount determined by the board's actuary

to reflect the earlier commencement of benefits.

(2)For a member who begins participating before September 1, 2008, there shall

be no reduction in the retirement allowance if the member has twenty

(20)or

more years of service credit, at least fifteen

(15)of which are current service.

(3)For a member who begins participating on or after September 1, 2008, but

prior to January 1, 2014, there shall be no reduction in the retirement

allowance if the member has twenty-five

(25)or more years of service credited

under KRS 16.543(1), 61.543(1), or another state-administered retirement

system.

(4)Subsections

(1)to

(3)of this section shall not apply to members who begin

participating in the system on or after January 1, 2014. Members who begin

participating in the system on or after January 1, 2014, shall receive the

retirement benefit calculation prescribed by KRS 16.583.