KRS § 21.460 — KY Code / Title IV / Chapter 21 / Section 21.460
21.460 Refund of contributions or account balance for members who began participating before January 1, 2014 -- Purchase of service credit -- Interest on deferred refunds -- Repayment
Status: in_force

21.460 Refund of contributions or account balance for members who began

participating before January 1, 2014 -- Purchase of service credit --

Interest on deferred refunds -- Repayment.

(1) (a) For members who began participating in the Judicial Retirement Plan

prior to January 1, 2014: If any member of the plan ceases, other than by

death or by disability retirement under KRS 21.410, to hold an office

qualifying him or her for membership in the plan established by KRS

21.350 to 21.480, without having met the requirements for vesting, he or

she shall be refunded on demand the amount of his or her accumulated

contributions and any service credit he or she had in the plan shall be

nullified.

(b) A member who begins participating in the Judicial Retirement Plan on or

after January 1, 2014, may, if the member ceases to hold an office

qualifying him or her for membership in the plan established by KRS

21.345 to 21.580, elect to take a refund of his or her accumulated account

balance subject to the limitations provided by KRS 21.402.

(2) The member may elect to leave his or her contributions in the plan, in which

event the service credit he or she had in the plan shall be considered to be

service credit for vesting purposes as provided in KRS 21.375 and for service

retirement eligibility as provided in KRS 61.680(7), and, in the event he or she

again becomes a member of the Judicial Retirement Plan, shall be counted

toward his or her total service credit in that plan.

(3) If a person who has been refunded his or her accumulated contributions or

accumulated account balance in accordance with subsection (1) of this section

subsequently becomes a member of the Legislators' Retirement Plan, the

Kentucky Employees Retirement System, County Employees Retirement

System, State Police Retirement System, or Teachers' Retirement System, he

or she may while holding such membership repurchase the service credit he or

she previously had in the Judicial Retirement Plan by repaying to that plan the

amount that was refunded to him or her with interest at six percent (6) per

annum, in which event such service credit shall have operative effect to the

same limited extent as provided in subsection (2) of this section. Service

purchased under this subsection on or after January 1, 2014, shall not be used

to determine the member's participation date in the Judicial Retirement Plan.

(4) If a person who has been refunded his or her accumulated contribution or

accumulated account balance in accordance with subsection (1) of this section

thereafter becomes again the holder of an office qualifying him or her for

membership in the Judicial Retirement Plan, he or she shall not be entitled to

credit for his or her prior period of service unless he or she has previously

repaid his or her refunded contributions in accordance with subsection (3) of

this section or unless within thirty (30) days after again assuming office he or

she repays to the plan the amount that was refunded to him or her with interest

at six percent (6) per annum. Service purchased under this subsection on or

after January 1, 2014, shall not be used to determine the member's

participation date in the Judicial Retirement Plan.

(5) If the taking of a refund of contributions by a member of the Kentucky Judicial

Retirement Plan, when first entitled thereto, would subject the member to a

federal excise tax, by reason of the refund's being made before the member

has reached an age designated by the federal taxing act, and the member has

elected, pursuant to subsection (2) of this section, to defer taking a refund, so

much of the contributions as would have been subject to the excise tax shall

accrue interest at the rate of six percent (6) per annum, from the date the

member first could have taken a refund until the date the refund is taken or the

date as of which the federal excise tax no longer would apply to a refund,

whichever is sooner, the interest to be paid by the plan at the time of the

refund. The provisions of this subsection shall not apply to members who begin

participating in the Judicial Retirement Plan on or after January 1, 2014.