95.866 Withdrawal from service prior to retirement -- Refund -- Forfeitures. - Kentucky Statutes

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95.866 Withdrawal from service prior to retirement -- Refund -- Forfeitures. (1) Upon withdrawal from service prior to retirement, a member shall be entitled to receive a refund of the amount of contributions made by the member after the date
of establishment, including those employee contributions picked up by the employer
pursuant to KRS 65.155, without interest. (2) Any member receiving a refund of contributions shall thereby ipso facto forfeit, waive, and relinquish all accrued rights and benefits in the system, including all
credited and creditable service. The board may, in its discretion, regardless of cause,
withhold payment of a refund for a period not to exceed six (6) months after receipt
of an application from a member. (3) Any member who has received a refund shall be considered a new member upon subsequent reemployment if such person qualifies for membership under the
provisions hereof. After the completion of at least five (5) years of continuous
membership service following his latest reemployment, such member shall have the
right to make a repayment to the system of the amount or amounts previously
received as refund, including six percent (6%) interest from the dates of refund to
the date of repayment. Such repayment shall not be picked up by the employer
pursuant to KRS 65.155. Upon the restoration of such refunds, as herein provided,
such member shall have reinstated to his account all credited service represented by
the refunds of which repayment has been made. Repayment of refunds by any
member shall include all refunds received by a member prior to the date of his last
withdrawal from service and shall be made in a single sum. Effective: July 15, 1982
History: Amended 1982 Ky. Acts ch. 166, sec. 52, effective July 15, 1982. -- Created 1956 Ky. Acts ch. 16, sec. 16, effective July 1, 1956.