161.515 Out-of-state service credit -- Contribution -- Kentucky Peace Corps and federal Peace Corps service credit -- Factor for members employed by universities and colleges -- Factor for other membe - Kentucky Statutes

Download pdf

Loading PDF...

161.515 Out-of-state service credit -- Contribution -- Kentucky Peace Corps and federal Peace Corps service credit -- Factor for members employed by
universities and colleges -- Factor for other members. (1) For the purposes of this section, "out-of-state service" shall mean service in any state in a comparable position on a full-time basis, which would be covered if in
Kentucky. (2) (a) An active contributing member who has been a contributing member of the retirement system for at least one (1) full scholastic year subsequent to the
latest out-of-state service, may present for credit service rendered out of state,
not to exceed ten (10) years actually taught as a certified or licensed teacher.
All members who elect to purchase this service shall pay to the retirement
system the full actuarial cost as provided under KRS 161.220(22). For each
year of which the retirement system shall accept payment, one (1) year of
service credit shall be given. For members who purchased this service under
the cost formula as it existed under this subsection on June 30, 2005, this
credit may not be used to meet the service requirements of KRS 161.525,
161.600, or 161.661, except as provided in subsection (2)(c) of this section.
No credit shall be granted for service which has been or will be used in
qualifying for annuity benefit payments from another retirement system
financed wholly or in part by public funds. (b) A member of the retirement system having teaching service in the elementary or secondary schools operated by the United States overseas or in this country,
or in a public college or university in Kentucky, not included in the Teachers'
Retirement System of the State of Kentucky, may present this service for
credit in the retirement system on the same basis as provided above for out-of-
state service credit; however, no service may be presented which shall be used
as a basis for retirement benefits in any program supported wholly or in part
by a public institution or governmental agency. This service when added to
service credited under subsection (2)(a) of this section shall not exceed a total
of ten (10) years' service credit. (c) A member having service referred to in subsection (2)(a) or (2)(b) of this section who purchased this service under the cost formula as it existed under
those subsections on June 30, 2005, may elect to use this service for meeting
the requirements of KRS 161.600(1)(c) by making an additional contribution
to the state accumulation fund equal to a member contribution rate of eight
percent (8%) for each year so used. These payments shall not be picked up as
described in KRS 161.540(2). The salary base to be used in determining this
additional contribution shall be the final average salary which is used in
calculating the member's regular retirement annuity. (3) Members entering the Teachers' Retirement System for the first time, July 1, 1976, and after this date, shall not receive credit for service defined in subsections (2)(a)
or (2)(b) of this section in excess of one (1) year of credit for each two (2) years of
Kentucky service in a covered position or ten (10) years, whichever is the lesser
number. (4) A member, having completed service as a volunteer in the Kentucky Peace Corps created by KRS 154.01-720, may purchase service credit for the time served in the
corps on the same basis as provided in this section for the purchase of out-of-state
service credit. A member, having completed service as a federal Peace Corps
volunteer, may purchase up to two (2) years of service credit for time served in the
Peace Corps on the same basis as provided in this section for the purchase of out-of-
state service credit. (5) Service purchased under this section by members who at the time of purchase are employed by employers other than those described in KRS 161.220(4)(b) or (n)
shall be credited, as described in KRS 161.620(1)(a) and (b), with a retirement
factor of two and one-half percent (2.5%) for each year of service that was
originally performed on or after July 1, 1983, and two percent (2.0%) for each year
of service performed before July 1, 1983. Service purchased under this section by
members who at the time of purchase are employed by employers described in KRS
161.220(4)(b) or (n) shall be credited, as described in KRS 161.620(1)(a), with a
retirement factor of two percent (2.0%) for each year of service, regardless of when
the service was performed. Effective: July 1, 2008
History: Amended 2008 Ky. Acts ch. 78, sec. 6, effective July 1, 2008. -- Amended 2004 Ky. Acts ch. 121, sec. 8, effective July 1, 2004. -- Amended 2002 Ky. Acts
ch. 275, sec. 14, effective July 1, 2002. -- Amended 1996 Ky. Acts ch. 359, sec. 5,
effective July 1, 1996. -- Amended 1994 Ky. Acts ch. 369, sec. 7, effective July 1,
1994; ch. 406, sec. 8, effective July 15, 1994; and ch. 485, sec. 33, effective July 15,
1994.