161.310 Administrative regulations -- Rules, regulations, and policies of participating employers to conform to chapter -- Retirement incentives. - Kentucky Statutes

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Page 1 of 1 161.310 Administrative regulations -- Rules, regulations, and policies of participating employers to conform to chapter -- Retirement incentives. (1) The board of trustees shall from time to time promulgate administrative regulations for the administration of the funds of the retirement system and for the transaction
of business. (2) All rules, regulations, or policies adopted by school districts, universities, or other employers participating in the Teachers' Retirement System that pertain to the
retirement system shall conform to this chapter. (3) All rules, regulations, or policies adopted, or decisions made, by school districts, universities, or other employers participating in the Teachers' Retirement System
that pertain to retirement incentives for members as defined in KRS 161.220(4)
shall contain provisions for the school district, university, or other employer to
make full payment to the retirement system at the time a member retires for all
actuarial obligations that occur to the retirement system as a result of retirement
incentive payments. Any payment made by the employer to a member on the
condition that the member terminate employment with the employer shall be
deemed a retirement incentive for purposes of this subsection if the member retires
within six (6) months following the member's termination in employment. This
subsection shall not apply to retirement incentive plans adopted by local boards of
education prior to December 31, 1997, and to those employees of local school
districts who retired on or before July 1, 1998. Effective: July 1, 2008
History: Amended 2008 Ky. Acts ch. 78, sec. 3, effective July 1, 2008. -- Amended 2002 Ky. Acts ch. 275, sec. 5, effective July 1, 2002. -- Amended 1998 Ky. Acts
ch. 515, sec. 3, effective July 1, 1998. -- Amended 1994 Ky. Acts ch. 369, sec. 2,
effective July 1, 1994. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V,
sec. 490, effective July 13, 1990. -- Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. sec. 4506b-11.