61.599 Calculation of retirement allowance for members of Kentucky Employees
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/ky/61-599A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Retirement System.
(1)The annual retirement allowance for a member of the Kentucky Employees
Retirement System shall not exceed the maximum benefit as set forth in the Internal
Revenue Code.
(a)The retirement allowance for a member of the Kentucky Employees
Retirement System shall be calculated by using the member's known
creditable compensation prior to his or her last month's employment and an
estimate of his or her creditable compensation during the last month he or she
was employed. Based upon this calculation, the State Treasurer shall be
requested to issue the initial retirement payment.
(b)A new calculation shall be made when the official report has been received of
the member's creditable compensation during his or her last month's
employment. However, the retirement allowance determined in accordance
with paragraph
(a)of this subsection shall be the official retirement allowance
unless the new calculation derives an amount which is two dollars ($2) greater
or less than the amount of the initial retirement payment. If the member or
beneficiary chose an actuarial equivalent refund payment option, the amount
of estimated retirement allowance shall be the official retirement allowance
unless the new calculation produces an amount which is one hundred dollars
($100) greater or less than the amount of the initial retirement payment.