KRS § 78.5514 — KY Code / Title IX / Chapter 78 / Section 78.5514
78.5514 Members of County Employees Retirement System who began participating before January 1, 2014, with service in hazardous positions -- Eligibility for retirement allowance
Status: in_force

78.5514 Members of County Employees Retirement System who began

participating before January 1, 2014, with service in hazardous positions

-- Eligibility for retirement allowance.

(1) The provisions of this section shall only apply to members of the County

Employees Retirement System who began participating in the system prior to

January 1, 2014, who have service in a hazardous position.

(2) (a) A member who began participating prior to September 1, 2008, is eligible

for a retirement allowance determined under subsection (4)(a) of this

section for his or her service if:

1. The member has attained normal retirement age and has five (5) or

more years of service, at least one (1) of which is current service;

2. The member has twenty (20) or more years of service, at least

fifteen (15) of which are current service; or

3. The member has attained age fifty (50) and has fifteen (15) or more

years of service.

(b) In lieu of any other benefits due under 78.510 to 78.852, a member who

began participating prior to September 1, 2008, who has attained normal

retirement age and who has obtained at least one (1) month of service

credit but no more than fifty-nine (59) months of service may elect to

receive an annual retirement allowance payable monthly or less

frequently, as determined by the board, which shall be determined by

multiplying his or her accumulated contributions by two (2) and converting

this amount to an annual retirement allowance based on an annuity rate

adopted by the board which would pay the actuarial equivalent of twice

his or her accumulated contributions over the lifetime of the retired

member.

(3) A member who began participating on or after September 1, 2008, but prior to

January 1, 2014, is eligible for a retirement allowance determined under

subsection (4)(b) of this section for his or her service if:

(a) The member has attained normal retirement age and has five (5) years of

service credited under KRS 16.543(1), 61.543(1), or 78.615(1), or another

state-administered retirement system;

(b) The member has twenty-five (25) or more years of service credited under

KRS 16.543(1), 61.543(1), or 78.615(1), or another state-administered

retirement system; or

(c) The member has attained age fifty (50) and has fifteen (15) years of

service credited under KRS 16.543(1), 61.543(1), or 78.615(1), or another

state-administered retirement system.

(4) (a) A member of the system covered by this section who began participating

prior to September 1, 2008, may elect to receive an annual retirement

allowance, payable monthly during his or her lifetime, equal to two and

five-tenths percent (2.5) of final compensation for each year of service

credit.

(b) A member of the system covered by this section, who begins participating

in the system on or after September 1, 2008, but prior to January 1, 2014,

shall be eligible to receive an annual retirement allowance, payable

monthly during his or her lifetime, equal to:

1. One and three-tenths percent (1.3) of final compensation for each

year of service credit if the employee has earned ten (10) or less

years of service at retirement;

2. One and one-half percent (1.5) of final compensation for each

year of service credit if the employee has earned greater than ten

(10) but no more than twenty (20) years of service at retirement;

3. Two and one-quarter percent (2.25) of final compensation for

each year of service credit if the employee has earned greater than

twenty (20) but less than twenty-five (25) years of service at

retirement; or

4. Two and one-half percent (2.5) of final compensation for each

year of service credit if the employee has earned twenty-five (25) or

more years of service at retirement.

(c) The annual retirement allowance determined under this subsection shall:

1. Not be reduced for a member retiring under the provisions specified

by subsections (2)(a)1., (2)(a)2., (3)(a), and (3)(b) of this section;

and

2. Be reduced for a member retiring under the provisions specified by

subsections (2)(a)3. and (3)(c) of this section by an amount

determined by the board's actuary to reflect the earlier

commencement of benefits.