61.559 Service required for retirement allowance.
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61.559 Service required for retirement allowance.
(1) In lieu of any other benefits due under KRS 61.510 to 61.705 and 78.510 to 78.852,
a member who begins participating before September 1, 2008, who has attained the <br>age of sixty-five (65) and who has obtained at least one (1) month of service credit <br>but no more than forty-seven (47) months of service may elect to receive an annual <br>retirement allowance payable monthly or less frequently, as determined by the <br>board, which shall be determined by multiplying his accumulated contributions by <br>two (2) and converting this amount to an annual retirement allowance based on an <br>annuity rate adopted by the board which would pay the actuarial equivalent of twice <br>his accumulated contributions over the lifetime of the retired member.
(2) A member who begins participating before September 1, 2008, who is sixty-five
(65) years of age or older is eligible for a retirement allowance determined under <br>KRS 61.595 provided such member has forty-eight (48) months of service, at least <br>twelve (12) of which are current service, or a retirement allowance determined <br>under KRS 61.595 prior to age sixty-five (65) provided: <br>(a) The member has attained age fifty-five (55) and has service of sixty (60)
months at least twelve (12) of which are current service; or
(b) The member is a retired member of the State Police Retirement System, has
attained age fifty-five (55), and has service of forty-eight (48) months at least <br>twelve (12) of which are current service; or
(c) The member is less than age fifty-five (55) and has twenty-five (25) or more
years of service, at least fifteen (15) of which are current service; or
(d) The member has thirty (30) or more years of service at least fifteen (15) of
which are current service, or the member of the Kentucky Employees <br>Retirement System or the County Employees Retirement System has twenty-<br>seven (27) or more years of service, at least fifteen (15) of which are current <br>service; or
(e) The member of the Kentucky Employees Retirement System has, at least,
twenty-six (26) years of service credit, at least sixteen (16) of which are <br>current consecutive years of service as a cabinet secretary or administrative <br>head of one (1) of the three (3) branches of government; or
(f) The member has attained age fifty-five (55) and was an employee of a parted
employer at the time his employer became ineligible to continue participation <br>in the system, and his service in the system when added to his service with the <br>parted employer subsequent to his separation from state government equals <br>the early retirement service eligibility requirement of the system on the date <br>his employer became ineligible to continue participation in the system.
(3) A member who begins participating on or after September 1, 2008, is eligible for a
retirement allowance determined under KRS 61.595 if: <br>(a) The member is sixty-five (65) years of age or older and has at least five (5)
years of service credited under KRS 16.543(1), 61.543(1), or 78.615(1) or <br>another state-administered retirement system;
(b) The member is fifty-seven (57) years of age or older and has an age and years
of service total of at least eighty-seven (87) years. The years of service used to <br>determine eligibility for a retirement allowance under this paragraph shall only <br>include years of service credited under KRS 16.543(1), 61.543(1), or <br>78.615(1) or another state-administered retirement system; or
(c) The member is sixty (60) years of age or older and has at least ten (10) years
of service credited under KRS 16.543(1), 61.543(1), or 78.615(1) or another <br>state-administered retirement system.
Effective: June 27, 2008 <br>History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 14, effective June 27,
2008. -- Amended 1994 Ky. Acts ch. 502, sec. 2, effective April 13, 1994. -- <br>Amended 1990 Ky. Acts ch. 221, sec. 3, effective July 13, 1990; and ch. 342, sec. 2, <br>effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 232, sec. 4, effective July 13, <br>1984. -- Amended 1982 Ky. Acts ch. 423, sec. 8, effective July 15, 1982. -- Amended <br>1980 Ky. Acts ch. 188, sec. 18, effective July 15, 1980. -- Amended 1978 Ky. Acts <br>ch. 311, sec. 14, effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 321, sec. 19. <br>-- Amended 1974 Ky. Acts ch. 128, sec. 16. -- Created 1966 Ky. Acts ch. 35, sec. 15.
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