Kentucky Statutes 78.650 – Retirement allowance account
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The retirement allowance account shall be the account in which shall be accumulated all employer contributions and amounts transferred from the members’ account, and to which all income from the invested assets of the system shall be credited. From this account shall be paid the expenses of the system and the board in administration of the system, retirement allowances, and any other benefits payable after a member’s retirement and from this account shall be transferred to the members’ account:
(1) The employer pay credit added monthly to each member’s individual accounts as provided by KRS § 78.5512 and KRS § 78.5516; and
(2) The interest credited annually to each member’s individual account as provided by KRS § 78.510 to KRS § 78.852.
Effective:April 1, 2021
History: Amended 2021 Ky. Acts ch. 102, sec. 28, effective April 1, 2021. — Amended 2018 Ky. Acts ch. 107, sec. 23, effective July 14, 2018. — Amended
2013 Ky. Acts ch. 120, sec. 79, effective July 1, 2013. — Amended 1992 Ky. Acts ch. 240, sec. 60, effective July 14, 1992. — Created 1958 Ky. Acts ch. 167, sec. 15, effective June 19, 1958.
Legislative Research Commission Note (12/13/2018). On December 13, 2018, the Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch. 107), did not comply with the three-readings rule of Kentucky Constitution Section 46 and that the legislation is, therefore, constitutionally invalid and declared void. That ruling applies to changes made to this statute in that Act.
(1) The employer pay credit added monthly to each member’s individual accounts as provided by KRS § 78.5512 and KRS § 78.5516; and
Terms Used In Kentucky Statutes 78.650
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Statute: A law passed by a legislature.
(2) The interest credited annually to each member’s individual account as provided by KRS § 78.510 to KRS § 78.852.
Effective:April 1, 2021
History: Amended 2021 Ky. Acts ch. 102, sec. 28, effective April 1, 2021. — Amended 2018 Ky. Acts ch. 107, sec. 23, effective July 14, 2018. — Amended
2013 Ky. Acts ch. 120, sec. 79, effective July 1, 2013. — Amended 1992 Ky. Acts ch. 240, sec. 60, effective July 14, 1992. — Created 1958 Ky. Acts ch. 167, sec. 15, effective June 19, 1958.
Legislative Research Commission Note (12/13/2018). On December 13, 2018, the Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch. 107), did not comply with the three-readings rule of Kentucky Constitution Section 46 and that the legislation is, therefore, constitutionally invalid and declared void. That ruling applies to changes made to this statute in that Act.