Find Legal Information

95.866 Withdrawal from service prior to retirement -- Refund -- Forfeitures.

Download pdf

95.866 Withdrawal from service prior to retirement -- Refund -- Forfeitures. (1) Upon withdrawal from service prior to retirement, a member shall be entitled to receive a refund of the amount of contributions made by the member after the date <br>of establishment, including those employee contributions picked up by the employer <br>pursuant to KRS 65.155, without interest. (2) 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. (3) 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 repayment 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, 1982 <br>History: Amended 1982 Ky. Acts ch. 166, sec. 52, effective July 15, 1982. -- Created 1956 Ky. Acts ch. 16, sec. 16, effective July 1, 1956.