21.385 Payment of benefits while continuing in service -- Multiple retirements by one person. - Kentucky Statutes

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21.385 Payment of benefits while continuing in service -- Multiple retirements by one person. (1) In a situation in which, by reason of federal tax law, the failure to commence the payment of retirement benefits to a vested member of the Kentucky Judicial
Retirement Plan, by a specified date after the member reaches a specified age, as
designated by the federal tax law, will result in the imposition of a special excise
tax, the member, without retiring, shall be entitled, as of the specified date, to
commence drawing from the plan the monthly benefit he would have been entitled
to had he retired on that date. Notwithstanding the provisions of KRS 21.360 and
61.680, the member, at his option, may continue to be a participating member of the
plan thereafter until he retires, or, may elect to cease to be a participating member of
the plan, in which latter event he shall not be required to become a participating
member of the Kentucky Employees Retirement System. (2) A member drawing benefits from the Kentucky Judicial Retirement Plan pursuant to subsection (1) of this section who elects to continue as a participating member of
the plan, or a person drawing benefits from the plan by reason of having retired,
who by reason of reemployment again becomes a participating member of the plan,
shall continue to draw the benefits until he retires, and accrue additional benefits,
but in the calculation of the additional benefits only the years of service after he
commenced drawing the initial benefits shall be counted, and the monthly
additional benefit shall not exceed such amount as, when added to the initial
monthly benefit, will equal the final compensation on which the additional benefit
was calculated. The member's surviving spouse, if married to the member at the
time of his ultimate retirement, shall be considered to be the surviving spouse with
respect to both the additional and the initial benefits. Effective: July 15, 1988
History: Created 1988 Ky. Acts ch. 299, sec. 1, effective July 15, 1988.