Find Legal Information

78.531 Optional participation by members of retirement system in cities, counties, or urban-county governments.

Download pdf

78.531 Optional participation by members of retirement system in cities, counties, or urban-county governments. (1) Any member of a retirement system created pursuant to KRS 67A.320, 67A.340, 67A.360 to 67A.690, 79.080, 90.310 to 90.420, 95.290, 95.520 to 95.620, 95.621 to <br>95.629, 95.767 to 95.784, 95.852 to 95.884, and KRS Chapter 96, notwithstanding <br>any provisions of the statutes to the contrary, may elect to terminate coverage under <br>the retirement system in which he is a member, if the city or urban-county <br>government has adopted the provisions of the County Employees Retirement <br>System pursuant to KRS 78.520 to 78.852. (2) (a) If the city or urban-county government elects the alternate participation plan, as set forth in KRS 78.530(3), employee contributions made to the fund under <br>authority of KRS 67A.320, 67A.340, 67A.360 to 67A.690, 79.080, 90.400(1), <br>90.410, 95.290, 95.520 to 95.620, 95.621 to 95.629, 95.767 to 95.785, 95.852 <br>to 95.884, or KRS Chapter 96 shall be paid to the County Employees <br>Retirement System and credited to the individual member's account in the <br>system for any employee electing to terminate coverage under the provisions <br>of this section. Any person who is an active member of the County Employees <br>Retirement System on July 15, 1990, who withdrew from service prior to <br>August 1, 1988, under any of the plans enumerated in this section and who <br>was not granted a refund of his employee contributions, shall be refunded <br>employee contributions with any interest specified in the applicable statute or <br>plan, unless the employee has a vested account in the former plan, in which <br>case he may elect to leave his contributions in the fund in order to receive a <br>pension from the plan when he becomes eligible. (b) Proper credit for these employee contributions shall be given to the city or urban-county government in computing the cost of participation under the <br>alternate participation plan as provided by KRS 78.530(3). The cost of <br>participation for employees who withdrew from service and who were not <br>granted a refund for employee contributions shall be based only upon the time <br>period for which the contributions were made. The cost shall be computed by <br>the County Employees Retirement System in a manner consistent with the <br>calculation of other delayed contribution payments, and shall be paid by the <br>employee. (3) If the city or urban-county government does not elect the alternate participation plan as set forth in KRS 78.530(3), the employee contributions paid into the fund under <br>authority of KRS 67A.320, 67A.340, 79.080, 90.400(1), 90.410, 95.290, 95.520 to <br>95.620, 95.621 to 95.629, 95.767 to 95.785, 95.852 to 95.884, or KRS Chapter 96 <br>by each employee electing to terminate coverage under the provisions of this section <br>shall be refunded to the employee with interest as specified in the applicable statute <br>or plan, unless the employee has a vested account in which case he may elect to <br>leave his contributions in the fund in order to later receive a pension when he <br>becomes eligible. Effective: July 15, 1994 History: Amended 1994 Ky. Acts ch. 371, sec. 2, effective July 15, 1994. </p> <BR></DIV><!-- /.col.one --><!-- /.col.two --></DIV><!-- /.col.main --></DIV><!-- /div id = content --> <BR class=clear></DIV> <!-- /div id = livearea --> <DIV></DIV><!-- /.col.one --> <DIV></DIV><!-- /.col.main --> <DIV></DIV><!-- /#content --><BR class=clear> <DIV></DIV><!-- /#livearea --> <!-- Footer--> <DIV id=footer> <DIV class=container> <P class=copyright>Copyright &copy; 2012-2022 Laws9.Com All rights reserved. </P><!-- /.copyright --> <P class=footerlinks><A href="/contactus.html">Contact Us</A> | <A href="/aboutus.html">About Us</A> | <A href="/terms.html">Terms</A> | <A href="/privacy.html">Privacy</A></P><!-- /.footerlinks --> </DIV><!-- /.container --> </DIV><!-- /footer --> </BODY></HTML>