Kentucky Statutes 6.520 – Retirement benefits for members who began participating before January 1, 2014
Current as of: 2024 | Check for updates
|
Other versions
(1) A member of the Legislators’ Retirement Plan who retires on or after his or her normal retirement date shall receive a service retirement allowance, payable monthly during his or her lifetime, in an amount per month equal to three and fifty one-hundredths percent (3.50%) of his or her final compensation multiplied by the number of years of his or her service, but in no event to exceed one hundred percent (100%) of final compensation. For this purpose, “final compensation” means the average monthly creditable compensation as determined in KRS § 61.510(13) of the member for services as a legislator for the three (3) years during which the member had the highest creditable legislative compensation.
(2) A member shall have rights, with respect to retirement before reaching normal retirement date in the Legislators’ Retirement Plan, identical in terms with those rights provided in KRS § 21.400(2) and (3) in the Judicial Retirement Plan for members of that plan, except that the reduction in a legislators’ service retirement allowance for early retirement shall be at the rate of five percent (5%) of the allowance for each year that retirement precedes the normal retirement date.
(3) Subsections (1) and (2) of this section to the contrary notwithstanding, each legislator in office on July 1, 1982, that is a member of the Legislators’ Retirement Plan, who retires on or after his or her normal retirement date, shall receive a service retirement allowance, payable monthly, on a formula equal to that of a justice or judge of the Court of Justice with an equivalent service entrance date, but in no event less than that specified in subsection (1) of this section, of his or her final compensation multiplied by the number of years of his or her service, but in no event to exceed one hundred percent (100%) of final compensation. For this purpose, “final compensation” means the average monthly creditable compensation as determined in KRS § 61.510(13) of the three (3) years during which the member had the highest creditable legislative compensation.
(4) Subsections (1) and (2) of this section to the contrary notwithstanding, a member of the Legislators’ Retirement Plan with a service entrance date after July 1, 1982 but prior to January 1, 2014, who retires on or after his or her normal retirement date, shall receive a service retirement allowance, payable monthly during his or her lifetime, in an amount per month equal to two and seventy-five one-hundredths percent (2.75%) of his or her final compensation multiplied by the number of years of his or her service, but in no event to exceed one hundred percent (100%) of final compensation. For this purpose, “final compensation” means the average monthly creditable compensation as determined in KRS § 61.510(13) of the member for services as a legislator for the three (3) years during which the member had the highest creditable legislative compensation.
(5) Subsections (1) to (4) of this section shall not apply to members who begin participating in the Legislators’ Retirement Plan on or after January 1, 2014.
Effective: July 14, 2022
History: Repealed, reenacted, and amended 2022 Ky. Acts ch. 55, sec. 5, effective July
14, 2022. — Amended 2018 Ky. Acts ch. 107, sec. 3, effective July 14, 2018. —
Amended 2013 Ky. Acts ch. 120, sec. 15, effective July 1, 2013. — Amended 2005
Ky. Acts ch. 86, sec. 4, effective June 20, 2005. — Amended 2003 Ky. Acts ch. 128, sec. 2, effective June 24, 2003. — Amended 1984 Ky. Acts ch. 111, sec. 11, effective July 13, 1984. — Amended 1982 Ky. Acts ch. 458, sec. 8, effective April 15, 1982. — Created 1980 Ky. Acts ch. 407, sec. 15, effective July 1, 1980.
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.
(2) A member shall have rights, with respect to retirement before reaching normal retirement date in the Legislators’ Retirement Plan, identical in terms with those rights provided in KRS § 21.400(2) and (3) in the Judicial Retirement Plan for members of that plan, except that the reduction in a legislators’ service retirement allowance for early retirement shall be at the rate of five percent (5%) of the allowance for each year that retirement precedes the normal retirement date.
Terms Used In Kentucky Statutes 6.520
- Month: means calendar month. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Year: means calendar year. See Kentucky Statutes 446.010
(3) Subsections (1) and (2) of this section to the contrary notwithstanding, each legislator in office on July 1, 1982, that is a member of the Legislators’ Retirement Plan, who retires on or after his or her normal retirement date, shall receive a service retirement allowance, payable monthly, on a formula equal to that of a justice or judge of the Court of Justice with an equivalent service entrance date, but in no event less than that specified in subsection (1) of this section, of his or her final compensation multiplied by the number of years of his or her service, but in no event to exceed one hundred percent (100%) of final compensation. For this purpose, “final compensation” means the average monthly creditable compensation as determined in KRS § 61.510(13) of the three (3) years during which the member had the highest creditable legislative compensation.
(4) Subsections (1) and (2) of this section to the contrary notwithstanding, a member of the Legislators’ Retirement Plan with a service entrance date after July 1, 1982 but prior to January 1, 2014, who retires on or after his or her normal retirement date, shall receive a service retirement allowance, payable monthly during his or her lifetime, in an amount per month equal to two and seventy-five one-hundredths percent (2.75%) of his or her final compensation multiplied by the number of years of his or her service, but in no event to exceed one hundred percent (100%) of final compensation. For this purpose, “final compensation” means the average monthly creditable compensation as determined in KRS § 61.510(13) of the member for services as a legislator for the three (3) years during which the member had the highest creditable legislative compensation.
(5) Subsections (1) to (4) of this section shall not apply to members who begin participating in the Legislators’ Retirement Plan on or after January 1, 2014.
Effective: July 14, 2022
History: Repealed, reenacted, and amended 2022 Ky. Acts ch. 55, sec. 5, effective July
14, 2022. — Amended 2018 Ky. Acts ch. 107, sec. 3, effective July 14, 2018. —
Amended 2013 Ky. Acts ch. 120, sec. 15, effective July 1, 2013. — Amended 2005
Ky. Acts ch. 86, sec. 4, effective June 20, 2005. — Amended 2003 Ky. Acts ch. 128, sec. 2, effective June 24, 2003. — Amended 1984 Ky. Acts ch. 111, sec. 11, effective July 13, 1984. — Amended 1982 Ky. Acts ch. 458, sec. 8, effective April 15, 1982. — Created 1980 Ky. Acts ch. 407, sec. 15, effective July 1, 1980.
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.