161.500 Service credit.
352 words·~2 min read·
/ky/chapter-161/161-500A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)At the close of each fiscal year, the retirement system shall add service credit to the
account of each member who made contributions to his or her account during the
year. Nonuniversity members are entitled to a full year of service credit if they have
no more than five
(5)unpaid days in a school or fiscal year under a contract
requiring a work schedule of one hundred eighty-five
(185)days or greater.
University members are entitled to a full year of service credit if they have no more
than five
(5)unpaid days in a school or fiscal year under a contract requiring a work
schedule of one hundred eighty
(180)days or greater. In the event a member is paid
for less than the required number of days for a full year of service credit, the
member may purchase credit according to administrative regulations established by
the board of trustees. In no case shall more than one
(1)year of service be credited
for all service performed in one
(1)fiscal year. Members who complete their
employment contract prior to the close of a fiscal year and elect to retire prior to the
close of a fiscal year shall have their service credit reduced by eight percent (8%)
for each calendar month that the retirement becomes effective prior to July 1.
(2)Members who are employed and paid for less than the number of days required in
their normal employment year shall be entitled to pro rata service credit for the
fractional service. Such credit shall be based upon the number of days employed
and the number of days in the member's annual employment agreement or normal
employment year.
(3)Service credit may not exceed the ratio between the school or fiscal year and the
number of months or fraction of a month the member is employed during that year.
(4)No service credit shall be granted in the Teachers' Retirement System for service
that has been or will be used in qualifying for annuity benefit payments from
another retirement system financed wholly or in part by public funds.