161.600 Retirement conditions -- Consolidation of accounts -- Applications and
867 words·~4 min read·
/ky/161-600A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
forms -- Surviving spouse.
(1)An individual who becomes a member of the retirement system prior to January 1,
2022, may qualify for service retirement by meeting one
(1)of the following
requirements:
(a)Attainment of age sixty
(60)years and completion of five
(5)years of
Kentucky service;
(b)1. For an individual who becomes a member before July 1, 2008,
attainment of age fifty-five
(55)years and completion of a minimum of
five
(5)years of Kentucky service with an actuarial reduction of the
basic allowance of five percent (5%) for each year the member's age is
less than sixty
(60)years or for each year the member's years of
Kentucky service credit is less than twenty-seven (27), whichever is the
lesser number; and
2. For an individual who becomes a member on or after July 1, 2008,
attainment of age fifty-five
(55)years and completion of a minimum of
ten
(10)years of Kentucky service with an actuarial reduction of the
basic retirement allowance of six percent (6%) for each year the
member's age is less than sixty
(60)years or for each year the member's
years of Kentucky service credit is less than twenty-seven (27),
whichever is the lesser number;
(c)Completion of twenty-seven
(27)years of Kentucky service. Out-of-state
service earned in accordance with the provisions of KRS 161.515(2) may be
used to meet this requirement; or
(d)Completion of the necessary years of service under provisions of KRS
61.559(2)(c) if the member is retiring under the reciprocity provisions of KRS
61.680. A member retiring under this paragraph who has not attained age
fifty-five
(55)shall incur an actuarial reduction of the basic allowance
determined by the system's actuary for each year the member's service credit
is less than twenty-seven (27).
(2)An individual who becomes a member of the retirement system on or after January
1, 2022, shall, except as adjusted by the board pursuant to KRS 161.633 or 161.634,
as applicable, be eligible to retire upon attainment of:
(a)Age sixty-five
(65)and completion of a minimum of five
(5)years of
Kentucky service;
(b)Age sixty
(60)and completion of a minimum of ten
(10)years of Kentucky
service;
(c)Age fifty-seven
(57)and completion of a minimum of thirty
(30)years of
Kentucky service; or
(d)Age fifty-seven
(57)and completion of a minimum of ten
(10)years of
Kentucky service with an actuarial reduction of the basic retirement allowance
of six percent (6%) for each year the member's age is less than sixty
years or for each year the member's years of Kentucky service credit is less
than thirty (30), whichever is the lesser number.
(3)Any person who has been a member in Kentucky for twenty-seven
(27)years or
more and who withdraws from covered employment may continue to pay into the
fund each year until the end of the fiscal year in which he or she reaches the age of
sixty-five
(65)years, the current contribution rate based on the annual
compensation received during the member's last full year in covered employment,
less any payment received for accrued sick leave or accrued leave from an
employer. The member shall be entitled to receive a retirement allowance as
provided in KRS 161.620 at any time after withdrawing from covered employment
and payment of contributions under this subsection. No member shall make
contributions as provided for in this subsection if the member is at the same time
making contributions to another retirement system in Kentucky supported wholly or
in part by public funds.
(4)Service credit in the Kentucky Employees Retirement System, the State Police
Retirement System, the Legislators' Retirement Plan, the County Employees
Retirement System, or the Judicial Retirement System may be used in meeting the
service requirements of subsections (1)(a) to
(c)and
(2)of this section, provided the
service is subsequent to July 1, 1956.
(5)Upon death, disability, or service retirement, a member's accounts under all state
supported retirement systems shall be consolidated, as provided by this section and
by KRS 61.680, for the purpose of determining eligibility and amount of benefits,
which shall include medical benefits. Upon determination of benefits, each system
shall pay the applicable percentage of total benefits. The effective date of retirement
under this subsection shall be determined by each retirement system for the portion
of the payments that will be made.
(6)No retirement annuity shall be effective until written application and option election
forms are filed with the retirement office in accordance with administrative
regulations of the board of trustees. A member may withdraw his or her retirement
application, postpone his or her effective retirement date, or change his or her
retirement option if these elections are made no later than the fifteenth day of the
month in which the member has made application for retirement. The deadline for
making these changes shall not be subject to the jurisdiction of any court or appeal
process, nor shall it otherwise be tolled or waived.
(7)The surviving spouse of an active contributing member, if named as beneficiary of
the member's account, may purchase retirement credit that the member was eligible
to purchase prior to the member's death.