Find Legal Information

95.620 Pension fund to be used to pay pensions and benefits -- Exceptions -- Refund of contributions.

Download pdf

95.620 Pension fund to be used to pay pensions and benefits -- Exceptions -- Refund of contributions. (1) Except for court or administratively ordered current child support, or owed child support, or to-be-owed child support, and except as provided in KRS 65.156 and <br>subsections (2), (3) and (4) of this section, the policemen's and firefighters' pension <br>fund in cities of the third or fourth class shall be held and distributed for the purpose <br>of paying pensions and benefits, and for no other purpose. (2) From July 15, 1982, and thereafter, the board of trustees of the pension fund shall, upon the request of a member, refund a member's contributions, including <br>contributions picked up by the employer pursuant to KRS 65.155, upon that <br>member's withdrawal from service prior to qualifying for pension. The member <br>shall be entitled to receive a refund of the amount of contributions made by the <br>member, including contributions picked up by the employer pursuant to KRS <br>65.155, after the date of establishment, without interest. (3) Any member receiving a refund of contributions shall thereby ipso facto forfeit, waive, and relinquish all accrued rights and benefits in the system, including all <br>credited and creditable service. The board may, in its discretion, regardless of cause, <br>withhold payment of a refund for a period not to exceed six (6) months after receipt <br>of an application from a member. (4) Any member who has received a refund shall be considered a new member upon subsequent reemployment if such person qualifies for membership under the <br>provisions hereof. After the completion of at least five (5) years of continuous <br>membership service following his latest reemployment, such member shall have the <br>right to make a repayment to the system of the amount or amounts previously <br>received as refund, including six percent (6%) interest from the dates of refund to <br>the date of repayment. Such repayments shall not be picked up by the employer <br>pursuant to KRS 65.155. Upon the restoration of such refunds, as herein provided, <br>such member shall have reinstated to his account all credited service represented by <br>the refunds of which repayment has been made. Repayment of refunds by any <br>member shall include all refunds received by a member prior to the date of his last <br>withdrawal from service and shall be made in a single sum. Effective: July 15, 1998 <br>History: Amended 1998 Ky. Acts ch. 255, sec. 34, effective July 15, 1998. -- Amended 1984 Ky. Acts ch. 24, sec. 2, effective July 13, 1984. -- Amended 1982 Ky. Acts <br>ch. 90, sec. 1, effective July 15, 1982; and ch. 166, sec. 48, effective July 15, 1982. -- <br>Amended 1978 Ky. Acts ch. 164, sec. 27, effective June 17, 1978. -- Amended 1972 <br>Ky. Acts ch. 91, sec. 1. -- Amended 1966 Ky. Acts ch. 255, sec. 110. -- Recodified <br>1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. secs. 3242b-<br>18, 3351a-18.