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61.575 Members' contribution account -- Interest.

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61.575 Members' contribution account -- Interest. (1) The members' contribution account shall be the account to which all members' contributions, or contributions picked up by the employer after August 1, 1982, and <br>interest allowances as provided in KRS 61.510 to 61.692 shall be credited, except <br>as provided by KRS 61.702(2)(b). From this account shall be paid the accumulated <br>contributions of a member required to be returned to him upon withdrawal, or paid <br>in the event of his death before retirement. Prior to the member's retirement, death, <br>or refund in accordance with KRS 61.625, no funds shall be made available from <br>the member contribution account. (2) Each member's contribution or contribution picked up by the employer shall be credited to the individual account of the contributing member, except as provided <br>by KRS 61.702(2)(b). (3) (a) Each member on June 30 of each year shall have his individual account credited with interest. (b) For a member who begins participating before September 1, 2008, interest shall be credited to his individual account at a rate determined by the board <br>but not less than two percent (2%) per annum on the accumulated <br>contributions of the member on June 30 of the preceding fiscal year. (c) For a member who begins participating on or after September 1, 2008, interest shall be credited to his individual account at a rate of two and one-half percent <br>(2.5%) per annum on the accumulated contributions of the member on June 30 <br>of the preceding fiscal year. (d) The amounts of interest credited to a member's account under this subsection shall be transferred from the retirement allowance account. (4) Upon the retirement of a member, his accumulated contributions shall be transferred from the members' contribution account to the retirement allowance account. Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 77, sec. 13, effective June 25, 2009. -- Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 16, effective June 27, 2008. -- Amended <br>2000 Ky. Acts ch. 385, sec. 16, effective July 14, 2000. -- Amended 1982 Ky. Acts <br>ch. 166, sec. 22, effective July 15, 1982. -- Amended 1978 Ky. Acts ch. 311, sec. 15, <br>effective June 17, 1978. -- Amended 1976 Ky. Acts ch. 321, sec. 40. -- Amended <br>1966 Ky. Acts ch. 35, sec. 6. -- Amended 1962 Ky. Acts ch. 58, sec. 8. -- Created <br>1956 Ky. Acts ch. 110, sec. 14. Legislative Research Commission Note (6/27/2008). The Reviser of Statutes has altered the numbering of subsection (3) of this statute from the way it appears in 2008 <br>(1st Extra. Sess.) Ky. Acts ch. 1, sec. 16, under the authority of KRS 7.136(1)(h).