21.460 Refund of contributions -- Interest on deferred refunds -- Repayment. - Kentucky Statutes

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21.460 Refund of contributions -- Interest on deferred refunds -- Repayment. (1) If any member of the plan ceases, other than by death or by disability retirement under KRS 21.410, to hold an office qualifying him for membership in the plan
established by KRS 21.350 to 21.480, without having met the requirements for
vesting, he shall be refunded on demand the amount of his accumulated
contributions and any service credit he had in the plan shall be nullified. (2) The member may elect to leave his contributions in the plan, in which event the service credit he had in the plan shall be considered to be service credit for vesting
purposes as provided in KRS 21.375 and for service retirement eligibility as
provided in KRS 61.680(7), and, in the event he again becomes a member of the
Judicial Retirement Plan, shall be counted toward his total service credit in that
plan. (3) If a person who has been refunded his contributions in accordance with subsection (1) of this section subsequently becomes a member of the Legislators' Retirement
Plan, the Kentucky Employees Retirement System, County Employees Retirement
System, State Police Retirement System, or Teachers' Retirement System, he may
while holding such membership repurchase the service credit he previously had in
the Judicial Retirement Plan by repaying to that plan the amount that was refunded
to him with interest at six percent (6%) per annum, in which event such service
credit shall have operative effect to the same limited extent as provided in
subsection (2) of this section. (4) If a person who has been refunded his contribution in accordance with subsection (1) of this section thereafter becomes again the holder of an office qualifying him
for membership in the Judicial Retirement Plan, he shall not be entitled to credit for
his prior period of service unless he has previously repaid his refunded
contributions in accordance with subsection (3) of this section or unless within
thirty (30) days after again assuming office he repays to the plan the amount that
was refunded to him with interest at six percent (6%) per annum. (5) If the taking of a refund of contributions by a member of the Kentucky Judicial Retirement Plan, when first entitled thereto, would subject the member to a federal
excise tax, by reason of the refund's being made before the member has reached an
age designated by the federal taxing act, and the member has elected, pursuant to
subsection (2) of this section, to defer taking a refund, so much of the contributions
as would have been subject to the excise tax shall accrue interest at the rate of six
percent (6%) per annum, from the date the member first could have taken a refund
until the date the refund is taken or the date as of which the federal excise tax no
longer would apply to a refund, whichever is sooner, the interest to be paid by the
plan at the time of the refund. Effective: July 15, 1988
History: Amended 1988 Ky. Acts ch. 299, sec. 2, effective July 15, 1988. -- Amended 1984 Ky. Acts ch. 111, sec. 28, effective July 13, 1984. -- Amended 1982 Ky. Acts
ch. 458, sec. 2, effective April 15, 1982. -- Amended 1968 Ky. Acts ch. 152, sec. 6. -
- Amended 1962 Ky. Acts ch. 9, sec. 8. -- Created 1960 Ky. Acts ch. 84, Art. III,
sec. 12.