16.584 Employer pay credits for members in hybrid cash balance plan -- Report --

389 words·~2 min read·/ky/16-584

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

Reduction of accumulated sick leave -- Funding in executive branch budget.

(1)Subject to the limitations and requirements provided by this section, the following

shall apply to members of the State Police Retirement System who are eligible for

benefits from the hybrid cash balance plan established by KRS 16.583:

(a)Within thirty

(30)days following the close of each fiscal year ending on or

after June 30, 2023, members participating in the State Police Retirement

System in the hybrid cash balance plan who have five

(5)or more years of

service credited under KRS 16.543(1), 61.543(1), and 78.615(1), shall receive

an employer pay credit under KRS 16.583(2)(b)2. equal to an amount

determined by multiplying the member's hours of accumulated sick leave in

excess of four hundred eighty

(480)hours as of the most recently completed

fiscal year by the member's hourly base pay determined under KRS 16.052,

including any annual adjustments provided by KRS 16.052(6). The member's

hourly base pay shall not include any payments for overtime or any salary

supplement received from the Law Enforcement Foundation Program

established pursuant to KRS 15.410 to 15.510; and

(b)Effective July 1, 2023, members with an account in the hybrid cash balance

plan who retire from the State Police Retirement System shall receive an

employer pay credit under KRS 16.583(2)(b)2. equal to an amount determined

by multiplying the member's hours of accumulated sick leave upon

termination of employment by the member's hourly base pay determined

under KRS 16.052, including any annual adjustments provided by KRS

16.052(6). The member's hourly base pay shall not include any payments for

overtime or any salary supplement received from the Law Enforcement

Foundation Program established pursuant to KRS 15.410 to 15.510.

(2)The Department of Kentucky State Police shall report the information required by

the Kentucky Public Pensions Authority to carry out the provisions of this section

and shall reduce the member's accumulated sick leave by the amount of sick leave

converted to an employer pay credit pursuant to this section.

(3)The provisions of KRS 16.583(2)(b)2. and this section are subject to funding for the

benefit in the executive branch budget. In the event funding for this additional

employer credit is not provided in the executive branch budget, no employer credits

for accumulated sick leave shall be provided during the period the budget is

effective.