78.640 Members' contribution account -- Interest. - Kentucky Statutes

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78.640 Members' contribution account -- Interest. (1) The members' contribution account shall be the account to which all members' contributions, or contributions picked up by the employer after August 1, 1982, and
interest allowances as provided in KRS 78.510 to 78.852 shall be credited, except
as provided by KRS 61.702(2)(b). From this account shall be paid the accumulated
contributions of a member required to be returned to him upon withdrawal, or paid
in the event of his death before retirement. Prior to the member's retirement, death,
or refund in accordance with KRS 61.625, no funds shall be made available from
the member contribution account. (2) Each member's contribution or contribution picked up by the employer shall be credited to the individual account of the contributing member, except as provided
by KRS 61.702(2)(b). (3) (a) Each member on June 30 of each year shall have his individual account credited with interest. (b) For a member who begins participating before September 1, 2008, interest shall be credited to his individual account at a rate determined by the board
but not less than two percent (2%) per annum on the accumulated
contributions of the member on June 30 of the preceding fiscal year. (c) For a member who begins participating on or after September 1, 2008, interest shall be credited to his or her individual account at a rate of two and one-half
percent (2.5%) per annum on the accumulated contributions of the member on
June 30 of the preceding fiscal year. (d) The amounts of interest credited to a member's account under this subsection shall be transferred from the retirement allowance account. (4) Upon the retirement of a member, his accumulated contributions shall be transferred from the members' contribution account to the retirement allowance account. Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 77, sec. 27, effective June 25, 2009. -- Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 27, effective June 27, 2008. -- Amended
2000 Ky. Acts ch. 385, sec. 37, effective July 14, 2000. -- Amended 1982 Ky. Acts
ch. 166, sec. 30, effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 311, sec. 25,
effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 321, sec. 40. -- Amended
1966 Ky. Acts ch. 34, sec. 6. -- Amended 1964 Ky. Acts ch. 49, sec. 8. -- Amended
1962 Ky. Acts ch. 31, sec. 10. -- Created 1958 Ky. Acts ch. 167, sec. 14. Legislative Research Commission Note (6/27/2008). The Reviser of Statutes has altered the numbering of subsection (3) of this statute from the way it appears in 2008
(1st Extra. Sess.) Ky. Acts ch. 1, sec. 27, under the authority of KRS 7.136(1)(c).