78.5514 Members of County Employees Retirement System who began
670 words·~3 min read·
/ky/78-5514A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
participating before January 1, 2014, with service in hazardous positions
-- Eligibility for retirement allowance.
(1)The provisions of this section shall only apply to members of the County
Employees Retirement System who began participating in the system prior to
January 1, 2014, who have service in a hazardous position.
(a)A member who began participating prior to September 1, 2008, is eligible
for a retirement allowance determined under subsection (4)(a) of this
section for his or her service if:
1. The member has attained normal retirement age and has five
(5)or
more years of service, at least one
(1)of which is current service;
2. The member has twenty
(20)or more years of service, at least
fifteen
(15)of which are current service; or
3. The member has attained age fifty
(50)and has fifteen
(15)or more
years of service.
(b)In lieu of any other benefits due under 78.510 to 78.852, a member who
began participating prior to September 1, 2008, who has attained normal
retirement age and who has obtained at least one
(1)month of service
credit but no more than fifty-nine
(59)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 or her 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 or her accumulated contributions over the lifetime of the retired
member.
(3)A member who began participating on or after September 1, 2008, but prior to
January 1, 2014, is eligible for a retirement allowance determined under
subsection (4)(b) of this section for his or her service if:
(a)The member has attained normal retirement age and has five
(5)years of
service credited under KRS 16.543(1), 61.543(1), or 78.615(1), or another
state-administered retirement system;
(b)The member has twenty-five
(25)or more years of service credited under
KRS 16.543(1), 61.543(1), or 78.615(1), or another state-administered
retirement system; or
(c)The member has attained age fifty
(50)and has fifteen
(15)years of
service credited under KRS 16.543(1), 61.543(1), or 78.615(1), or another
state-administered retirement system.
(a)A member of the system covered by this section who began participating
prior to September 1, 2008, may elect to receive an annual retirement
allowance, payable monthly during his or her lifetime, equal to two and
five-tenths percent (2.5%) of final compensation for each year of service
credit.
(b)A member of the system covered by this section, who begins participating
in the system on or after September 1, 2008, but prior to January 1, 2014,
shall be eligible to receive an annual retirement allowance, payable
monthly during his or her lifetime, equal to:
1. One and three-tenths percent (1.3%) of final compensation for each
year of service credit if the employee has earned ten
(10)or less
years of service at retirement;
2. One and one-half percent (1.5%) of final compensation for each
year of service credit if the employee has earned greater than ten
(10)but no more than twenty
(20)years of service at retirement;
3. Two and one-quarter percent (2.25%) of final compensation for
each year of service credit if the employee has earned greater than
twenty
(20)but less than twenty-five
(25)years of service at
retirement; or
4. Two and one-half percent (2.5%) of final compensation for each
year of service credit if the employee has earned twenty-five
(25)or
more years of service at retirement.
(c)The annual retirement allowance determined under this subsection shall:
1. Not be reduced for a member retiring under the provisions specified
by subsections (2)(a)1., (2)(a)2., (3)(a), and (3)(b) of this section;
and
2. Be reduced for a member retiring under the provisions specified by
subsections (2)(a)3. and (3)(c) of this section by an amount
determined by the board's actuary to reflect the earlier
commencement of benefits.