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16.577 Early retirement.

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16.577 Early retirement. (1) Upon retirement at early retirement date, a member may receive an annual retirement allowance payable monthly during his lifetime which shall be determined <br>in the same manner as for retirement at his normal retirement date, with years of <br>service and final compensation being determined as of the date of his actual <br>retirement, but the amount of the retirement allowance so determined shall be <br>reduced at an amount determined by the board's actuary to reflect the earlier <br>commencement of benefits. (2) For a member who begins participating before September 1, 2008, there shall be no reduction in the retirement allowance if the member has twenty (20) or more years <br>of service credit, at least fifteen (15) of which are current service. (3) For a member who begins participating on or after September 1, 2008, there shall be no reduction in the retirement allowance if the member has twenty-five (25) or more <br>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. 9, effective June 27, 2008. -- Amended 2000 Ky. Acts ch. 385, sec. 3, effective July 14, 2000. -- Amended <br>1984 Ky. Acts ch. 95, sec. 2, effective July 13, 1984. -- Amended 1978 Ky. Acts <br>ch. 127, sec. 1, effective June 17, 1978. -- Created 1970 Ky. Acts ch. 76, sec. 4.