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KENTUCKY STATUTES AND CODES
61.559 Service required for retirement allowance.
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61.559 Service required for retirement allowance. (1) In lieu of any other benefits due under KRS 61.510 to 61.705 and 78.510 to 78.852, a member who begins participating before September 1, 2008, who has attained the
age of sixty-five (65) and who has obtained at least one (1) month of service credit
but no more than forty-seven (47) months of service may elect to receive an annual
retirement allowance payable monthly or less frequently, as determined by the
board, which shall be determined by multiplying his accumulated contributions by
two (2) and converting this amount to an annual retirement allowance based on an
annuity rate adopted by the board which would pay the actuarial equivalent of twice
his accumulated contributions over the lifetime of the retired member. (2) A member who begins participating before September 1, 2008, who is sixty-five (65) years of age or older is eligible for a retirement allowance determined under
KRS 61.595 provided such member has forty-eight (48) months of service, at least
twelve (12) of which are current service, or a retirement allowance determined
under KRS 61.595 prior to age sixty-five (65) provided:
(a) The member has attained age fifty-five (55) and has service of sixty (60) months at least twelve (12) of which are current service; or (b) The member is a retired member of the State Police Retirement System, has attained age fifty-five (55), and has service of forty-eight (48) months at least
twelve (12) of which are current service; or (c) The member is less than age fifty-five (55) and has twenty-five (25) or more years of service, at least fifteen (15) of which are current service; or (d) The member has thirty (30) or more years of service at least fifteen (15) of which are current service, or the member of the Kentucky Employees
Retirement System or the County Employees Retirement System has twenty-
seven (27) or more years of service, at least fifteen (15) of which are current
service; or (e) The member of the Kentucky Employees Retirement System has, at least, twenty-six (26) years of service credit, at least sixteen (16) of which are
current consecutive years of service as a cabinet secretary or administrative
head of one (1) of the three (3) branches of government; or (f) The member has attained age fifty-five (55) and was an employee of a parted employer at the time his employer became ineligible to continue participation
in the system, and his service in the system when added to his service with the
parted employer subsequent to his separation from state government equals
the early retirement service eligibility requirement of the system on the date
his employer became ineligible to continue participation in the system. (3) A member who begins participating on or after September 1, 2008, is eligible for a retirement allowance determined under KRS 61.595 if:
(a) The member is sixty-five (65) years of age or older and has at least five (5) years of service credited under KRS 16.543(1), 61.543(1), or 78.615(1) or
another state-administered retirement system; (b) The member is fifty-seven (57) years of age or older and has an age and years of service total of at least eighty-seven (87) years. The years of service used to
determine eligibility for a retirement allowance under this paragraph shall only
include years of service credited under KRS 16.543(1), 61.543(1), or
78.615(1) or another state-administered retirement system; or (c) The member is sixty (60) years of age or older and has at least ten (10) 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. 14, effective June 27, 2008. -- Amended 1994 Ky. Acts ch. 502, sec. 2, effective April 13, 1994. --
Amended 1990 Ky. Acts ch. 221, sec. 3, effective July 13, 1990; and ch. 342, sec. 2,
effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 232, sec. 4, effective July 13,
1984. -- Amended 1982 Ky. Acts ch. 423, sec. 8, effective July 15, 1982. -- Amended
1980 Ky. Acts ch. 188, sec. 18, effective July 15, 1980. -- Amended 1978 Ky. Acts
ch. 311, sec. 14, effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 321, sec. 19.
-- Amended 1974 Ky. Acts ch. 128, sec. 16. -- Created 1966 Ky. Acts ch. 35, sec. 15.
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61.559 Service required for retirement allowance. (1) In lieu of any other benefits due under KRS 61.510 to 61.705 and 78.510 to 78.852, a member who begins participating before September 1, 2008, who has attained the
age of sixty-five (65) and who has obtained at least one (1) month of service credit
but no more than forty-seven (47) months of service may elect to receive an annual
retirement allowance payable monthly or less frequently, as determined by the
board, which shall be determined by multiplying his accumulated contributions by
two (2) and converting this amount to an annual retirement allowance based on an
annuity rate adopted by the board which would pay the actuarial equivalent of twice
his accumulated contributions over the lifetime of the retired member. (2) A member who begins participating before September 1, 2008, who is sixty-five (65) years of age or older is eligible for a retirement allowance determined under
KRS 61.595 provided such member has forty-eight (48) months of service, at least
twelve (12) of which are current service, or a retirement allowance determined
under KRS 61.595 prior to age sixty-five (65) provided:
(a) The member has attained age fifty-five (55) and has service of sixty (60) months at least twelve (12) of which are current service; or (b) The member is a retired member of the State Police Retirement System, has attained age fifty-five (55), and has service of forty-eight (48) months at least
twelve (12) of which are current service; or (c) The member is less than age fifty-five (55) and has twenty-five (25) or more years of service, at least fifteen (15) of which are current service; or (d) The member has thirty (30) or more years of service at least fifteen (15) of which are current service, or the member of the Kentucky Employees
Retirement System or the County Employees Retirement System has twenty-
seven (27) or more years of service, at least fifteen (15) of which are current
service; or (e) The member of the Kentucky Employees Retirement System has, at least, twenty-six (26) years of service credit, at least sixteen (16) of which are
current consecutive years of service as a cabinet secretary or administrative
head of one (1) of the three (3) branches of government; or (f) The member has attained age fifty-five (55) and was an employee of a parted employer at the time his employer became ineligible to continue participation
in the system, and his service in the system when added to his service with the
parted employer subsequent to his separation from state government equals
the early retirement service eligibility requirement of the system on the date
his employer became ineligible to continue participation in the system. (3) A member who begins participating on or after September 1, 2008, is eligible for a retirement allowance determined under KRS 61.595 if:
(a) The member is sixty-five (65) years of age or older and has at least five (5) years of service credited under KRS 16.543(1), 61.543(1), or 78.615(1) or
another state-administered retirement system; (b) The member is fifty-seven (57) years of age or older and has an age and years of service total of at least eighty-seven (87) years. The years of service used to
determine eligibility for a retirement allowance under this paragraph shall only
include years of service credited under KRS 16.543(1), 61.543(1), or
78.615(1) or another state-administered retirement system; or (c) The member is sixty (60) years of age or older and has at least ten (10) 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. 14, effective June 27, 2008. -- Amended 1994 Ky. Acts ch. 502, sec. 2, effective April 13, 1994. --
Amended 1990 Ky. Acts ch. 221, sec. 3, effective July 13, 1990; and ch. 342, sec. 2,
effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 232, sec. 4, effective July 13,
1984. -- Amended 1982 Ky. Acts ch. 423, sec. 8, effective July 15, 1982. -- Amended
1980 Ky. Acts ch. 188, sec. 18, effective July 15, 1980. -- Amended 1978 Ky. Acts
ch. 311, sec. 14, effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 321, sec. 19.
-- Amended 1974 Ky. Acts ch. 128, sec. 16. -- Created 1966 Ky. Acts ch. 35, sec. 15.
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