Statutes > Kentucky Statutes > CHAPTER 61 GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM > 61.580 Retirement allowance account.

61.580 Retirement allowance account.

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61.580 Retirement allowance account. The retirement allowance account shall be the account in which shall be accumulated all <br>employer contributions and amounts transferred from the members' contribution account, <br>and to which all income from the invested assets of the system shall be credited. From <br>this account shall be paid the expenses of the system and the board incurred in <br>administration of the system, retirement allowances, and any other benefits payable after a <br>member's retirement and from this account shall be transferred to the members' <br>contribution account the interest credited annually to each member's individual account as <br>provided by KRS 61.575. Effective: July 14, 1992 <br>History: Amended 1992 Ky. Acts ch. 240, sec. 26, effective July 14, 1992. -- Created 1956 Ky. Acts ch. 110, sec. 15.