78.531 Optional participation by members of retirement system in cities, counties, or urban-county governments. - Kentucky Statutes

Download pdf

Loading PDF...

78.531 Optional participation by members of retirement system in cities, counties, or urban-county governments. (1) Any member of a retirement system created pursuant to KRS 67A.320, 67A.340, 67A.360 to 67A.690, 79.080, 90.310 to 90.420, 95.290, 95.520 to 95.620, 95.621 to
95.629, 95.767 to 95.784, 95.852 to 95.884, and KRS Chapter 96, notwithstanding
any provisions of the statutes to the contrary, may elect to terminate coverage under
the retirement system in which he is a member, if the city or urban-county
government has adopted the provisions of the County Employees Retirement
System pursuant to KRS 78.520 to 78.852. (2) (a) If the city or urban-county government elects the alternate participation plan, as set forth in KRS 78.530(3), employee contributions made to the fund under
authority of KRS 67A.320, 67A.340, 67A.360 to 67A.690, 79.080, 90.400(1),
90.410, 95.290, 95.520 to 95.620, 95.621 to 95.629, 95.767 to 95.785, 95.852
to 95.884, or KRS Chapter 96 shall be paid to the County Employees
Retirement System and credited to the individual member's account in the
system for any employee electing to terminate coverage under the provisions
of this section. Any person who is an active member of the County Employees
Retirement System on July 15, 1990, who withdrew from service prior to
August 1, 1988, under any of the plans enumerated in this section and who
was not granted a refund of his employee contributions, shall be refunded
employee contributions with any interest specified in the applicable statute or
plan, unless the employee has a vested account in the former plan, in which
case he may elect to leave his contributions in the fund in order to receive a
pension from the plan when he becomes eligible. (b) Proper credit for these employee contributions shall be given to the city or urban-county government in computing the cost of participation under the
alternate participation plan as provided by KRS 78.530(3). The cost of
participation for employees who withdrew from service and who were not
granted a refund for employee contributions shall be based only upon the time
period for which the contributions were made. The cost shall be computed by
the County Employees Retirement System in a manner consistent with the
calculation of other delayed contribution payments, and shall be paid by the
employee. (3) If the city or urban-county government does not elect the alternate participation plan as set forth in KRS 78.530(3), the employee contributions paid into the fund under
authority of KRS 67A.320, 67A.340, 79.080, 90.400(1), 90.410, 95.290, 95.520 to
95.620, 95.621 to 95.629, 95.767 to 95.785, 95.852 to 95.884, or KRS Chapter 96
by each employee electing to terminate coverage under the provisions of this section
shall be refunded to the employee with interest as specified in the applicable statute
or plan, unless the employee has a vested account in which case he may elect to
leave his contributions in the fund in order to later receive a pension when he
becomes eligible. Effective: July 15, 1994 History: Amended 1994 Ky. Acts ch. 371, sec. 2, effective July 15, 1994.