KRS § 61.5955 — KY Code / Title VIII / Chapter 61 / Section 61.5955
61.5955 Election by member participating in KERS, CERS, or SPRS on or after September 1, 2008, but before January 1, 2014 -- Participation in hybrid cash balance plan -- Private letter ruling -- Administrative regulations -- Restriction
Status: in_force

61.5955 Election by member participating in KERS, CERS, or SPRS on or

after September 1, 2008, but before January 1, 2014 -- Participation in

hybrid cash balance plan -- Private letter ruling -- Administrative

regulations -- Restriction.

Notwithstanding any provision of KRS 16.505 to 16.652, 61.510 to 61.705, and

78.510 to 78.852 to the contrary:

(1) Subject to the provisions of this section, any member who began participating

in the Kentucky Employees Retirement System, the County Employees

Retirement System, or the State Police Retirement System on or after

September 1, 2008, but prior to January 1, 2014, may in lieu of the benefits he

or she is currently eligible to receive from the systems, elect to receive the

benefits and rights provided to members who began participating in the

systems on or after January 1, 2014, including participating in the hybrid cash

balance plan created pursuant to KRS 61.597 or 78.5512 for members in

nonhazardous duty positions or pursuant to KRS 16.583 or 78.5516 for

members in hazardous duty positions, as applicable;

(2) The election provided by this section shall be made in writing and on a form

prescribed by the Kentucky Public Pensions Authority and shall apply to all

service or accounts in the Kentucky Retirement Systems or the County

Employees Retirement System;

(3) For each member who makes an election provided by this section:

(a) Any service credit the member has accrued prior to January 1, 2014,

shall be considered as service credit earned on or after January 1, 2014,

for purposes of determining benefits under KRS 16.505 to 16.652, 61.510

to 61.705, and 78.510 to 78.852;

(b) On the member's effective election date, the value of the member's

accumulated contributions, less any interest, shall be deposited into the

member's hybrid cash balance account as provided by KRS 16.583,

61.597, 78.5512, or 78.5516, as applicable, and considered part of the

member's accumulated account balance;

(c) On the member's effective election date, an employer pay credit as

provided by KRS 16.583, 61.597, 78.5512, or 78.5516, as applicable,

shall be added to the member's accumulated account balance for each

month the member contributed to the Kentucky Employees Retirement

System, the County Employees Retirement System, or the State Police

Retirement System prior to his or her effective election date; and

(d) Interest credits as provided by KRS 16.583, 61.597, 78.5512, or 78.5516,

as applicable, shall only be applied for periods occurring on or after the

member's effective election date;

(4) Before accepting an election provided by this section, the Kentucky Public

Pensions Authority shall provide the member with information detailing the

potential results of the member's election;

(5) An election made pursuant to this section shall be irrevocable;

(6) (a) A member of the Kentucky Employees Retirement System, the County

Employees Retirement System, or the State Police Retirement System

shall not be eligible to make an election prescribed by this section until

the Kentucky Retirement Systems receives a favorable private letter

ruling from the Internal Revenue Service regarding this section.

(b) If the Internal Revenue Service denies the request for a private letter

ruling as provided by paragraph (a) of this subsection, this section shall

be void.

(c) The Kentucky Public Pensions Authority may promulgate administrative

regulations under KRS Chapter 13A in order to carry out this section; and

(7) This section shall not apply to retirees who were reemployed on or after

September 1, 2008, and who are not eligible to participate in the systems

during reemployment.