95.620 Pension fund established under KRS 95.520 to be used to pay pensions and
379 words·~2 min read·
/ky/95-620A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
benefits -- Exceptions -- Refund of contributions.
(1)Except for court or administratively ordered current child support, or owed child
support, or to-be-owed child support, and except as provided in KRS 65.156, KRS
95.530(6), and subsections (2), (3), and
(4)of this section, the policemen's and
firefighters' pension fund established under KRS 95.520 shall be held and
distributed for the purpose of paying pensions and benefits, and for no other
purpose.
(2)From July 15, 1982, and thereafter, the board of trustees of the pension fund shall,
upon the request of a member, refund a member's contributions, including
contributions picked up by the employer pursuant to KRS 65.155, upon that
member's withdrawal from service prior to qualifying for pension. The member
shall be entitled to receive a refund of the amount of contributions made by the
member, including contributions picked up by the employer pursuant to KRS
65.155, after the date of establishment, without interest.
(3)Any member receiving a refund of contributions shall thereby ipso facto forfeit,
waive, and relinquish all accrued rights and benefits in the system, including all
credited and creditable service. The board may, in its discretion, regardless of cause,
withhold payment of a refund for a period not to exceed six
(6)months after receipt
of an application from a member.
(4)Any member who has received a refund shall be considered a new member upon
subsequent reemployment if such person qualifies for membership under the
provisions hereof. After the completion of at least five
(5)years of continuous
membership service following his or her latest reemployment, such member shall
have the right to make a repayment to the system of the amount or amounts
previously received as refund, including six percent (6%) interest from the dates of
refund to the date of repayment. Such repayments shall not be picked up by the
employer pursuant to KRS 65.155. Upon the restoration of such refunds, as herein
provided, such member shall have reinstated to his or her account all credited
service represented by the refunds of which repayment has been made. Repayment
of refunds by any member shall include all refunds received by a member prior to
the date of his or her last withdrawal from service and shall be made in a single
sum.