95.866 Withdrawal from service prior to retirement -- Refund -- Forfeitures.

264 words·~1 min read·/ky/chapter-95/95-866

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)Upon withdrawal from service prior to retirement, a member shall be entitled to

receive a refund of the amount of contributions made by the member after the date

of establishment, including those employee contributions picked up by the employer

pursuant to KRS 65.155, without interest.

(2)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.

(3)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 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 repayment 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 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 last

withdrawal from service and shall be made in a single sum.