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Code · Kentucky · Chapter 61 — General provisions as to offices and officers -- social security for public employees -- employees retirement system

61.580 Retirement allowance account.

117 words·~1 min read·/ky/chapter-61/61-580

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The retirement allowance account shall be the account in which shall be accumulated all employer contributions and amounts transferred from the members' account, and to which all income from the invested assets of the system shall be credited. From this account shall be paid the expenses of the system and the board incurred in administration of the system, retirement allowances, and any other benefits payable after a member's retirement and from this account shall be transferred to the members' account:
(1)The employer pay credit added monthly to each member's individual accounts
as provided by KRS 16.583 and 61.597; and
(2)The interest credited annually to each member's individual account as provided
by KRS 61.510 to 61.705.
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