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161.5465 Member with twenty years' service credit may purchase five years' service credit -- Exception.

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Page 1 of 1 161.5465 Member with twenty years' service credit may purchase five years' service credit -- Exception. On or after August 1, 1998, a member of the Teachers' Retirement System in active <br>contributing status who has a minimum of twenty (20) years of service credit may <br>purchase up to a maximum of five (5) years of service credit that is not otherwise <br>purchasable under any of the provisions of KRS 161.220 to 161.716 and that meets the <br>definition of nonqualified service as provided in Section 1526 of the Federal Taxpayer <br>Relief Act of 1997. The member shall pay the full actuarial cost of the service credit as <br>provided in KRS 161.220(22). The payment shall not be picked up by the employer as <br>described in KRS 161.540(2), and the member's payment shall be credited to the <br>member's contribution account and shall be considered accumulated contributions of the <br>member. Payment by the member may be by lump sum or by installment payments as <br>provided in KRS 161.597. Notwithstanding any other statute to the contrary, the <br>Kentucky Teachers' Retirement System shall recognize nonqualified service credit <br>purchased with another retirement system only to the extent that the member had an <br>equivalent number of full months of active employment in the position covered by the <br>other retirement system during the period that the nonqualified service was purchased. <br>This section shall not apply to individuals who become members on or after July 1, 2008, <br>except that a teacher of a local school board may purchase up to ten (10) months of <br>service under this section if the teacher is retiring and has completed the prior school year <br>with at least twenty-six (26) years and two (2) months of service but less than twenty-<br>seven (27) years of service. Effective: June 27, 2008 <br>History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 36, effective June 27, 2008. -- Amended 2002 Ky. Acts ch. 275, sec. 19, effective July 1, 2002. -- Amended <br>2000 Ky. Acts ch. 498, sec. 11, effective July 1, 2000. -- Created 1998 Ky. Acts <br>ch. 515, sec. 16, effective July 1, 1998.