KRS § 161.515 — KY Code / Title XIII / Chapter 161 / Section 161.515
161.515 Out-of-state service credit -- Contribution -- Kentucky Peace Corps and federal Peace Corps service credit -- Retirement factor
Status: in_force

161.515 Out-of-state service credit -- Contribution -- Kentucky Peace Corps and

federal Peace Corps service credit -- Retirement factor.

(1) For the purposes of this section, "out-of-state service" shall mean service in any

state in a comparable position on a full-time basis, which would be covered if in

Kentucky.

(2) (a) An active contributing member who has been a contributing member of the

retirement system for at least one (1) full scholastic year subsequent to the

latest out-of-state service, may present for credit service rendered out of state,

not to exceed ten (10) years actually taught as a certified or licensed teacher.

All members who elect to purchase this service shall pay to the retirement

system the full actuarial cost as provided under KRS 161.220(22). For each

year of which the retirement system shall accept payment, one (1) year of

service credit shall be given. For members who purchased this service under

the cost formula as it existed under this subsection on June 30, 2005, this

credit may not be used to meet the service requirements of KRS 161.525,

161.600, or 161.661, except as provided in subsection (2)(c) of this section.

No credit shall be granted for service which has been or will be used in

qualifying for annuity benefit payments from another retirement system

financed wholly or in part by public funds.

(b) A member of the retirement system having teaching service in the elementary

or secondary schools operated by the United States overseas or in this country,

or in a public college or university in Kentucky, not included in the Teachers'

Retirement System of the State of Kentucky, may present this service for

credit in the retirement system on the same basis as provided above for out-of-

state service credit; however, no service may be presented which shall be used

as a basis for retirement benefits in any program supported wholly or in part

by a public institution or governmental agency. This service when added to

service credited under subsection (2)(a) of this section shall not exceed a total

of ten (10) years' service credit.

(c) A member having service referred to in subsection (2)(a) or (2)(b) of this

section who purchased this service under the cost formula as it existed under

those subsections on June 30, 2005, may elect to use this service for meeting

the requirements of KRS 161.600(1)(c) by making an additional contribution

to the state accumulation fund equal to a member contribution rate of eight

percent (8%) for each year so used. These payments shall not be picked up as

described in KRS 161.540(2). The salary base to be used in determining this

additional contribution shall be the final average salary which is used in

calculating the member's regular retirement annuity.

(3) Members entering the Teachers' Retirement System for the first time, July 1, 1976,

and after this date, shall not receive credit for service defined in subsections (2)(a)

or (2)(b) of this section in excess of one (1) year of credit for each two (2) years of

Kentucky service in a covered position or ten (10) years, whichever is the lesser

number.

(4) A member, having completed service as a volunteer in the Kentucky Peace Corps

created by KRS 154.1-720, may purchase service credit for the time served in the

corps on the same basis as provided in this section for the purchase of out-of-state

service credit. A member, having completed service as a federal Peace Corps

volunteer, may purchase up to two (2) years of service credit for time served in the

Peace Corps on the same basis as provided in this section for the purchase of out-of-

state service credit.

(5) Service purchased under this section by members shall be credited based upon the

retirement factor established by KRS 161.620, as applicable.