161.615 Limited defined contribution plan -- Purpose -- Administration -- Eligibility -- Payments. - Kentucky Statutes

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Page 1 of 1 161.615 Limited defined contribution plan -- Purpose -- Administration -- Eligibility -- Payments. (1) The board of trustees is authorized to implement a limited defined contribution plan for the sole purpose of providing retirement allowance payments for retired
members who have been approved by the retirement system for full-time
reemployment as provided in KRS 161.605. (2) The defined contribution plan shall be administered separately from the regular benefits provided for members of the retirement system, except that the
contributions to the plan shall be invested in the same manner as other contributions
to the retirement system. (3) The provisions of this section apply only to those retired members who were permitted to return to work under the critical shortage provisions of KRS
161.605(7) as they existed on June 30, 2002. The provisions of this section shall not
apply to any retired member returning to work on or after July 1, 2002. (4) Separate member accounts shall be maintained for participants in this plan which shall reflect the annual contributions made to the participant's account based on the
rates and interest levels specified in KRS 161.605. (5) When the retiree's reemployment terminates, the total contributions and accrued interest in the participant's account will be paid in a lump-sum payment or on an
actuarial straight life monthly basis to the retiree. If the member dies prior to
making application for a retirement allowance under this plan, the beneficiary
designated by the participant for this plan shall receive a refund of the funds in the
account. If there is a remaining balance in the account at the death of the participant
after retirement from this plan, it shall be paid to the beneficiary designated by the
participant for this benefit. (6) Retired members shall be eligible to receive their retirement annuity when approved for reemployment and participation in this plan. Service as a reemployed retiree
may not be used in any manner for credit under the regular retirement benefit plans
provided by the retirement system. Effective: July 1, 2002
History: Amended 2002 Ky. Acts ch. 275, sec. 27, effective July 1, 2002. -- Created 2000 Ky. Acts ch. 498, sec. 2, effective July 1, 2000.