6.520 Retirement benefits for members who began participating before January 1,
504 words·~2 min read·
/ky/6-520A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
2014.
(1)A member of the Legislators' Retirement Plan who retires on or after his or her
normal retirement date shall receive a service retirement allowance, payable
monthly during his or her lifetime, in an amount per month equal to three and fifty
one-hundredths percent (3.50%) of his or her final compensation multiplied by the
number of years of his or her service, but in no event to exceed one hundred percent
(100%) of final compensation. For this purpose, "final compensation" means the
average monthly creditable compensation as determined in KRS 61.510(13) of the
member for services as a legislator for the three
(3)years during which the member
had the highest creditable legislative compensation.
(2)A member shall have rights, with respect to retirement before reaching normal
retirement date in the Legislators' Retirement Plan, identical in terms with those
rights provided in KRS 21.400(2) and
(3)in the Judicial Retirement Plan for
members of that plan, except that the reduction in a legislators' service retirement
allowance for early retirement shall be at the rate of five percent (5%) of the
allowance for each year that retirement precedes the normal retirement date.
(3)Subsections
(1)and
(2)of this section to the contrary notwithstanding, each
legislator in office on July 1, 1982, that is a member of the Legislators' Retirement
Plan, who retires on or after his or her normal retirement date, shall receive a
service retirement allowance, payable monthly, on a formula equal to that of a
justice or judge of the Court of Justice with an equivalent service entrance date, but
in no event less than that specified in subsection
(1)of this section, of his or her
final compensation multiplied by the number of years of his or her service, but in no
event to exceed one hundred percent (100%) of final compensation. For this
purpose, "final compensation" means the average monthly creditable compensation
as determined in KRS 61.510(13) of the three
(3)years during which the member
had the highest creditable legislative compensation.
(4)Subsections
(1)and
(2)of this section to the contrary notwithstanding, a member of
the Legislators' Retirement Plan with a service entrance date after July 1, 1982 but
prior to January 1, 2014, who retires on or after his or her normal retirement date,
shall receive a service retirement allowance, payable monthly during his or her
lifetime, in an amount per month equal to two and seventy-five one-hundredths
percent (2.75%) of his or her final compensation multiplied by the number of years
of his or her service, but in no event to exceed one hundred percent (100%) of final
compensation. For this purpose, "final compensation" means the average monthly
creditable compensation as determined in KRS 61.510(13) of the member for
services as a legislator for the three
(3)years during which the member had the
highest creditable legislative compensation.
(5)Subsections
(1)to
(4)of this section shall not apply to members who begin
participating in the Legislators' Retirement Plan on or after January 1, 2014.