61.527 Extension of system to include police court judges and their present and future survivors covered as of December 31, 1977, under retirement plans established by cities of second or third class - Kentucky Statutes

Download pdf

Loading PDF...

61.527 Extension of system to include police court judges and their present and future survivors covered as of December 31, 1977, under retirement plans
established by cities of second or third class -- Procedure for transfer of
coverage to state system. (1) The system shall extend to and embrace police court judges and present and future survivors who are covered as of December 31, 1977, by pension plans established
under KRS 26.650 or 26.652 and which existed as of July 31, 1976. (2) Within thirty (30) days after January 1, 1978, the city legislative body of each city with a pension plan established under KRS 26.650 or 26.652 shall furnish the
system a record of the period of service and contributions of each person covered by
the plan, and, for any survivor who is benefiting from the plan, the monthly pension
amount being received and any other information requested by the system. (3) Upon receiving the information required by subsection (2) of this section, the system shall credit each person with service sufficient to guarantee that he or his
survivors shall receive at a minimum the benefits to which he would be entitled
under KRS 26.660, except that the service required for vesting shall be that required
by the system rather than that required by KRS 26.650 or 26.652. In addition, each
individual's contributions to the plan under which he was covered as of December
31, 1977, shall be credited to his account in the system. (4) Each person covered by the system under this section shall have the same rights and responsibilities as any other member or retiree of the system but at no additional
cost to the person. (5) Each city with a pension plan established under KRS 26.650 or 26.652 as of July 31, 1976, shall pay to the system an amount equal to that which would have existed
in the police judge pension fund as of December 31, 1977, if the fund contained:
(a) The actual amount paid by each police judge making contributions to the fund, and (b) Contributions by the city equal to the amount which would have been paid if the city had contributed to the fund at the rate provided for under KRS 61.565. (6) Within five (5) years after the system makes its determination, each city shall pay to the system the amount computed by the system under subsection (5) of this section.
Any additional cost of funding benefits provided under subsection (3) of this section
shall be paid by the state. Effective: July 14, 1992
History: Amended 1992 Ky. Acts ch. 240, sec. 14, effective July 14, 1992. -- Created 1976 (1st Extra. Sess.) Ky. Acts ch. 23, sec. 1, effective January 1, 1978.