16.576 Normal retirement.
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subsequent thereto, upon written notification to the system, setting forth at
what date the retirement is to become effective, if the effective date shall be
after his last day of service and subsequent to the filing of the notice at the
retirement office. (b) Any member who begins participating on or after September 1, 2008, who has at least five (5) years of service credited under KRS 16.543(1), 61.543(1), or
78.615(1) or another state-administered retirement system may retire at his or
her normal retirement date, or subsequent thereto, upon written notification to
the system, setting forth what date the retirement is to become effective, if the
effective date shall be after his or her last day of service and subsequent to the
filing of the notice at the retirement office. (2) The member shall have the right to elect to have his retirement allowance payable under subsection (3), (4), or (6) of this section or any one (1) of the plans set forth
in KRS 61.635. (3) (a) Effective August 1, 1990, a member of the Kentucky State Police Retirement System may elect to receive an annual retirement allowance, payable monthly
during his lifetime, equal to two and five-tenths percent (2.5%) of final
compensation for each year of service credit. Effective August 1, 1988, a
member of the County Employees Retirement System covered by this section
may elect to receive an annual retirement allowance, payable monthly during
his lifetime, equal to two and five-tenths percent (2.5%) of final compensation
for each year of service credit. Effective August 1, 1988, a member of the
Kentucky Employees Retirement System covered by this section may elect to
receive an annual retirement allowance, payable monthly during his lifetime,
equal to two and forty-nine hundredths percent (2.49%) of final compensation
for each year of service credit. The annual retirement allowance for a member
covered by this section shall not exceed the maximum benefit as set forth in
the Internal Revenue Code. (b) A member of the State Police Retirement System, a member of the Kentucky Employees Retirement System covered by this section, or a member of the
County Employees Retirement System covered by this section, whose
participation begins on or after September 1, 2008, shall receive an annual
retirement allowance, payable monthly during his or her lifetime, equal to:
1. One and three-tenths percent (1.3%) of final compensation for each year
of service credit if the employee has earned ten (10) or less years of
service at retirement; 2. One and one-half percent (1.5%) of final compensation for each year of
service credit if the employee has earned greater than ten (10) but no
more than twenty (20) years of service at retirement; 3. Two and one-quarter percent (2.25%) of final compensation for each
year of service credit if the employee has earned greater than twenty (20)
but less than twenty-five (25) years of service at retirement; or 4. Two and one-half percent (2.5%) of final compensation for each year of
service credit if the employee has earned twenty-five (25) or more years
of service at retirement. (4) The member may elect to receive a monthly retirement allowance payable for ten (10) years certain, actuarially equivalent to the retirement allowance payable under
subsection (3) of this section. If the member should become deceased prior to the
expiration of ten (10) years, his beneficiary, unless the beneficiary is the member's
estate, shall receive the remaining payments monthly for the duration of the ten (10)
years. If the member's estate is the beneficiary, the member's estate shall receive a
lump-sum payment which shall be the actuarial equivalent to the remaining
payments. The provisions of KRS 61.702 notwithstanding, the member who retired
on June 17, 1978, or thereafter, and his spouse and eligible dependents shall
continue to receive the insurance benefits to which they are entitled pursuant to
KRS 61.702 after the expiration of ten (10) years. Effective with any insurance
contract procured, or self-insurance plan instituted, after July 15, 1990, a member
who retired prior to June 17, 1978, and his spouse and eligible dependents shall
receive insurance benefits pursuant to KRS 61.702 upon payment by the member or
beneficiary of the entire cost of the required insurance premium. (5) Notwithstanding any other provisions of this section, upon written notification to the system, a member shall have the option to defer his election to receive his
retirement allowance. The retirement allowance payable under a deferred option
shall be increased to reflect the deferred receipt of benefits. (6) In lieu of any other benefits due under KRS 16.505 to 16.652, a member who begins participating before September 1, 2008, who has attained age fifty-five (55)
and who has attained at least one (1) month of service credit but no more than fifty-
nine (59) months of service credit may elect to receive an annual retirement
allowance, payable monthly or less frequently as determined by the board, which
shall be determined by multiplying his accumulated contributions by two (2) and
converting this amount to an annual retirement allowance based on an annuity rate
adopted by the board which would pay the actuarial equivalent of twice his
accumulated contributions over the lifetime of the retired member. Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 77, sec. 5, effective June 25, 2009. -- Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 8, effective June 27, 2008. -- Amended
1996 Ky. Acts ch. 167, sec. 2, effective July 15, 1996. -- Amended 1994 Ky. Acts
ch. 485, sec. 4, effective July 15, 1994.