Kentucky Statutes 16.565 – Retirement allowance account
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The retirement allowance account shall be the account in which shall be accumulated all employer contributions, amounts transferred from the member account, and to which all income from the investment assets of the system shall be credited. From this account there shall be paid administrative expenses and in addition all benefits payable under KRS § 16.510 to KRS § 16.652. There shall be transferred from this account to the member account:
(1) The employer pay credit added monthly to each member’s individual accounts as provided by KRS § 16.583(2)(b)1. or annually as provided by KRS § 16.583(2)(b)2. and 16.584; and
(2) The interest credited annually to each member’s individual accounts as provided by
KRS § 16.505 to KRS § 16.652.
Effective: April 1, 2023
History: Amended 2022 Ky. Acts ch. 181, sec. 6, effective April 1, 2023. — Amended
2013 Ky. Acts ch. 120, sec. 37, effective July 1, 2013. — Created 1958 Ky. Acts ch.
94, sec. 13, effective July 1, 1958.
(1) The employer pay credit added monthly to each member’s individual accounts as provided by KRS § 16.583(2)(b)1. or annually as provided by KRS § 16.583(2)(b)2. and 16.584; and
Terms Used In Kentucky Statutes 16.565
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(2) The interest credited annually to each member’s individual accounts as provided by
KRS § 16.505 to KRS § 16.652.
Effective: April 1, 2023
History: Amended 2022 Ky. Acts ch. 181, sec. 6, effective April 1, 2023. — Amended
2013 Ky. Acts ch. 120, sec. 37, effective July 1, 2013. — Created 1958 Ky. Acts ch.
94, sec. 13, effective July 1, 1958.