161.569 Effect of election to participate -- Payment of benefits -- Taxation and attachment of benefits -- Employer contributions. - Kentucky Statutes

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Page 1 of 1 161.569 Effect of election to participate -- Payment of benefits -- Taxation and attachment of benefits -- Employer contributions. (1) Any person electing to participate in the optional retirement plan shall be ineligible for membership in the regular retirement plan of the Kentucky Teachers' Retirement
System for as long as the participant is employed in a position for which the
optional retirement plan is available, except as provided in KRS 161.568(1). (2) Any person electing to participate in the optional retirement plan shall acknowledge in writing that the benefits payable to participants are not the obligation of the
Commonwealth of Kentucky or the Kentucky Teachers' Retirement System, and
that these benefits and other rights of the optional retirement plan are the liability
and responsibility solely of the designated companies to which contributions have
been made. (3) Benefits shall be payable to optional retirement plan participants or their beneficiaries by the designated companies in accordance with the contracts issued
by each company and the retirement plan provisions adopted by each public
institution. (4) Annuity contracts issued under the optional retirement plan and all rights of a participant in the optional retirement plan shall be exempt from any state, local, or
municipal tax; assessment for the insolvency of any life, health, or casualty
insurance company; any levy or sale, garnishment, or attachment; or any process
whatsoever, and shall be unassignable except as otherwise specifically provided by
the contracts offered under the optional retirement plan adopted by the respective
public institutions of higher education. Except contracts issued and rights accrued in
the optional retirement plan on or after January 1, 1998, shall be subject to the tax
imposed by KRS 141.020, to the extent provided in KRS 141.010 and 141.0215. (5) Each institution shall contribute for each payroll period of each fiscal year to the Kentucky Teachers' Retirement System, an amount equal to five and one-tenth
percent (5.1%) of the total salaries of all persons who elect or elected to participate
in the optional retirement plan instead of the Kentucky Teachers' Retirement
System. This payment shall continue to be made until July 1, 2048. Effective: April 7, 2008
History: Amended 2008 Ky. Acts ch. 11, sec. 3, effective April 7, 2008. -- Amended 2004 Ky. Acts ch. 121, sec. 26, effective July 1, 2004. -- Amended 1996 Ky. Acts
ch. 253, sec. 3, effective July 15, 1996. -- Amended 1995 (2d Extra. Sess.) Ky. Acts
ch. 1, sec. 8, effective April 28, 1995. -- Created 1994 Ky. Acts ch. 290, sec. 3,
effective July 15, 1994.