161.310 Administrative regulations -- Rules, regulations, and policies of

324 words·~1 min read·/ky/161-310

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

participating employers to conform to chapter -- Retirement incentives.

(1)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.

(2)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.

(3)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.