KRS § 161.600 — KY Code / Title XIII / Chapter 161 / Section 161.600
161.600 Retirement conditions -- Consolidation of accounts -- Applications and forms -- Surviving spouse
Status: in_force

161.600 Retirement conditions -- Consolidation of accounts -- Applications and

forms -- Surviving spouse.

(1) An individual who becomes a member of the retirement system prior to January 1,

2022, may qualify for service retirement by meeting one (1) of the following

requirements:

(a) Attainment of age sixty (60) years and completion of five (5) years of

Kentucky service;

(b) 1. For an individual who becomes a member before July 1, 2008,

attainment of age fifty-five (55) years and completion of a minimum of

five (5) years of Kentucky service with an actuarial reduction of the

basic allowance of five percent (5%) for each year the member's age is

less than sixty (60) years or for each year the member's years of

Kentucky service credit is less than twenty-seven (27), whichever is the

lesser number; and

2. For an individual who becomes a member on or after July 1, 2008,

attainment of age fifty-five (55) years and completion of a minimum of

ten (10) years of Kentucky service with an actuarial reduction of the

basic retirement allowance of six percent (6%) for each year the

member's age is less than sixty (60) years or for each year the member's

years of Kentucky service credit is less than twenty-seven (27),

whichever is the lesser number;

(c) Completion of twenty-seven (27) years of Kentucky service. Out-of-state

service earned in accordance with the provisions of KRS 161.515(2) may be

used to meet this requirement; or

(d) Completion of the necessary years of service under provisions of KRS

61.559(2)(c) if the member is retiring under the reciprocity provisions of KRS

61.680. A member retiring under this paragraph who has not attained age

fifty-five (55) shall incur an actuarial reduction of the basic allowance

determined by the system's actuary for each year the member's service credit

is less than twenty-seven (27).

(2) An individual who becomes a member of the retirement system on or after January

1, 2022, shall, except as adjusted by the board pursuant to KRS 161.633 or 161.634,

as applicable, be eligible to retire upon attainment of:

(a) Age sixty-five (65) and completion of a minimum of five (5) years of

Kentucky service;

(b) Age sixty (60) and completion of a minimum of ten (10) years of Kentucky

service;

(c) Age fifty-seven (57) and completion of a minimum of thirty (30) years of

Kentucky service; or

(d) Age fifty-seven (57) and completion of a minimum of ten (10) years of

Kentucky service with an actuarial reduction of the basic retirement allowance

of six percent (6%) for each year the member's age is less than sixty (60)

years or for each year the member's years of Kentucky service credit is less

than thirty (30), whichever is the lesser number.

(3) Any person who has been a member in Kentucky for twenty-seven (27) years or

more and who withdraws from covered employment may continue to pay into the

fund each year until the end of the fiscal year in which he or she reaches the age of

sixty-five (65) years, the current contribution rate based on the annual

compensation received during the member's last full year in covered employment,

less any payment received for accrued sick leave or accrued leave from an

employer. The member shall be entitled to receive a retirement allowance as

provided in KRS 161.620 at any time after withdrawing from covered employment

and payment of contributions under this subsection. No member shall make

contributions as provided for in this subsection if the member is at the same time

making contributions to another retirement system in Kentucky supported wholly or

in part by public funds.

(4) Service credit in the Kentucky Employees Retirement System, the State Police

Retirement System, the Legislators' Retirement Plan, the County Employees

Retirement System, or the Judicial Retirement System may be used in meeting the

service requirements of subsections (1)(a) to (c) and (2) of this section, provided the

service is subsequent to July 1, 1956.

(5) Upon death, disability, or service retirement, a member's accounts under all state

supported retirement systems shall be consolidated, as provided by this section and

by KRS 61.680, for the purpose of determining eligibility and amount of benefits,

which shall include medical benefits. Upon determination of benefits, each system

shall pay the applicable percentage of total benefits. The effective date of retirement

under this subsection shall be determined by each retirement system for the portion

of the payments that will be made.

(6) No retirement annuity shall be effective until written application and option election

forms are filed with the retirement office in accordance with administrative

regulations of the board of trustees. A member may withdraw his or her retirement

application, postpone his or her effective retirement date, or change his or her

retirement option if these elections are made no later than the fifteenth day of the

month in which the member has made application for retirement. The deadline for

making these changes shall not be subject to the jurisdiction of any court or appeal

process, nor shall it otherwise be tolled or waived.

(7) The surviving spouse of an active contributing member, if named as beneficiary of

the member's account, may purchase retirement credit that the member was eligible

to purchase prior to the member's death.