161.5461 Purchase of service credit with rolled-over or transferred retirement

165 words·~1 min read·/ky/161-5461

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

funds.

(1)Any active contributing member may purchase service credit as authorized under

KRS Chapter 161 by rolling over funds from a previous plan to the extent that

rollovers are permitted by the rules set forth in the Internal Revenue Code. The

rollovers may be made directly from a previous qualified plan or through a conduit

individual retirement account as permitted by the rules set forth in the Internal

Revenue Code.

(2)Any active contributing member may purchase service credit as authorized under

KRS Chapter 161 by transferring funds directly from a retirement plan maintained

by the Commonwealth of Kentucky to the extent that transfers are permitted by the

rules set forth in the Internal Revenue Code.

(3)The amount of any transfer or rollover purchase as permitted under subsections

and

(2)of this section, excluding that portion credited to the medical insurance fund

under KRS 161.420(5), shall be credited to the individual member's account and

shall be considered accumulated contributions of the member.