61.559 Service required for retirement allowance of members who began
634 words·~3 min read·
/ky/61-559A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
participating before January 1, 2014.
(1)In lieu of any other benefits due under KRS 61.510 to 61.705, a member who
begins participating before September 1, 2008, who has attained the age of
sixty-five
(65)and who has obtained at least one
(1)month of service credit but
no more than forty-seven
(47)months of service may elect to receive an
annual retirement allowance payable monthly or less frequently, as determined
by the board, which shall be determined by multiplying his accumulated
contributions by two
(2)and converting this amount to an annual retirement
allowance based on an annuity rate adopted by the board which would pay the
actuarial equivalent of twice his accumulated contributions over the lifetime of
the retired member.
(2)A member who begins participating before September 1, 2008, who is
sixty-five
(65)years of age or older is eligible for a retirement allowance
determined under KRS 61.595 provided such member has forty-eight
months of service, at least twelve
(12)of which are current service, or a
retirement allowance determined under KRS 61.595 prior to age sixty-five
provided:
(a)The member has attained age fifty-five
(55)and has service of sixty
months at least twelve
(12)of which are current service; or
(b)The member is a retired member of the State Police Retirement System,
has attained age fifty-five (55), and has service of forty-eight
(48)months
at least twelve
(12)of which are current service; or
(c)The member is less than age fifty-five
(55)and has twenty-five
(25)or
more years of service, at least fifteen
(15)of which are current service; or
(d)The member has thirty
(30)or more years of service at least fifteen
of which are current service, or the member of the Kentucky Employees
Retirement System has twenty-seven
(27)or more years of service, at
least fifteen
(15)of which are current service; or
(e)The member of the Kentucky Employees Retirement System has, at
least, twenty-six
(26)years of service credit, at least sixteen
(16)of which
are current consecutive years of service as a cabinet secretary or
administrative head of one
(1)of the three
(3)branches of government; or
(f)The member has attained age fifty-five
(55)and was an employee of a
parted employer at the time his employer became ineligible to continue
participation in the system, and his service in the system when added to
his service with the parted employer subsequent to his separation from
state government equals the early retirement service eligibility
requirement of the system on the date his employer became ineligible to
continue participation in the system.
(3)A member who begins participating on or after September 1, 2008, but prior to
January 1, 2014, is eligible for a retirement allowance determined under KRS
61.595 if:
(a)The member is sixty-five
(65)years of age or older and has at least five
(5)years of service credited under KRS 16.543(1), 61.543(1), or another
state-administered retirement system;
(b)The member is fifty-seven
(57)years of age or older and has an age and
years of service total of at least eighty-seven
(87)years. The years of
service used to determine eligibility for a retirement allowance under this
paragraph shall only include years of service credited under KRS
16.543(1), 61.543(1), or another state-administered retirement system; or
(c)The member is sixty
(60)years of age or older and has at least ten
years of service credited under KRS 16.543(1), 61.543(1), or another
state-administered retirement system.
(4)Subsections
(1)to
(3)of this section shall not apply to members who begin
participating in the system on or after January 1, 2014. Members who begin
participating in the system on or after January 1, 2014, shall receive the
retirement benefits prescribed by KRS 61.597.