16.577 Early retirement. - Kentucky Statutes

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16.577 Early retirement. (1) Upon retirement at early retirement date, a member may receive an annual retirement allowance payable monthly during his lifetime which shall be determined
in the same manner as for retirement at his normal retirement date, with years of
service and final compensation being determined as of the date of his actual
retirement, but the amount of the retirement allowance so determined shall be
reduced at an amount determined by the board's actuary to reflect the earlier
commencement of benefits. (2) For a member who begins participating before September 1, 2008, there shall be no reduction in the retirement allowance if the member has twenty (20) or more years
of service credit, at least fifteen (15) of which are current service. (3) For a member who begins participating on or after September 1, 2008, there shall be no reduction in the retirement allowance if 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. Effective: June 27, 2008
History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 9, effective June 27, 2008. -- Amended 2000 Ky. Acts ch. 385, sec. 3, effective July 14, 2000. -- Amended
1984 Ky. Acts ch. 95, sec. 2, effective July 13, 1984. -- Amended 1978 Ky. Acts
ch. 127, sec. 1, effective June 17, 1978. -- Created 1970 Ky. Acts ch. 76, sec. 4.