21.525 Contributions by state -- Normal contributions -- Past service liability contribution. - Kentucky Statutes

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21.525 Contributions by state -- Normal contributions -- Past service liability contribution. (1) The state, by appropriation to the Judicial Retirement Board, shall contribute annually to the Judicial Retirement System an amount equal to the percent as
computed under subsection (2) of this section of the creditable compensation of
active members of the Judicial Retirement System, to be known as the "normal
contributions," and an additional amount equal to one percent (1%) of the unfunded
past service liabilities, plus annual interest accruing thereon at the actuarially
assumed rate of interest adopted by the board to be known as the "past service
contribution." (2) The normal contribution rate shall be determined either by the entry age normal cost funding method or the unit credit actuarial method, as selected by the board. The
past service liability shall be determined by actuarial methods consistent with the
methods prescribed for determining the normal contribution rate. The board shall
adopt the actuarial assumptions that are to be used in making the determinations. (3) Normal contributions and the past service liability contribution for each fiscal biennium shall be determined on the basis of the actuarial valuation last preceding
the commencement of the biennium. Effective: July 15, 1988
History: Amended 1988 Ky. Acts ch. 299, sec. 4, effective July 13, 1984. -- Created 1980 Ky. Acts ch. 246, sec. 6, effective July 15, 1980.