KRS § 6.520 — KY Code / Title II / Chapter 6 / Section 6.520
6.520 Retirement benefits for members who began participating before January 1, 2014
Status: in_force

6.520 Retirement benefits for members who began participating before January 1,

2014.

(1) A member of the Legislators' Retirement Plan who retires on or after his or her

normal retirement date shall receive a service retirement allowance, payable

monthly during his or her lifetime, in an amount per month equal to three and fifty

one-hundredths percent (3.50%) of his or her final compensation multiplied by the

number of years of his or her service, but in no event to exceed one hundred percent

(100%) of final compensation. For this purpose, "final compensation" means the

average monthly creditable compensation as determined in KRS 61.510(13) of the

member for services as a legislator for the three (3) years during which the member

had the highest creditable legislative compensation.

(2) A member shall have rights, with respect to retirement before reaching normal

retirement date in the Legislators' Retirement Plan, identical in terms with those

rights provided in KRS 21.400(2) and (3) in the Judicial Retirement Plan for

members of that plan, except that the reduction in a legislators' service retirement

allowance for early retirement shall be at the rate of five percent (5%) of the

allowance for each year that retirement precedes the normal retirement date.

(3) Subsections (1) and (2) of this section to the contrary notwithstanding, each

legislator in office on July 1, 1982, that is a member of the Legislators' Retirement

Plan, who retires on or after his or her normal retirement date, shall receive a

service retirement allowance, payable monthly, on a formula equal to that of a

justice or judge of the Court of Justice with an equivalent service entrance date, but

in no event less than that specified in subsection (1) of this section, of his or her

final compensation multiplied by the number of years of his or her service, but in no

event to exceed one hundred percent (100%) of final compensation. For this

purpose, "final compensation" means the average monthly creditable compensation

as determined in KRS 61.510(13) of the three (3) years during which the member

had the highest creditable legislative compensation.

(4) Subsections (1) and (2) of this section to the contrary notwithstanding, a member of

the Legislators' Retirement Plan with a service entrance date after July 1, 1982 but

prior to January 1, 2014, who retires on or after his or her normal retirement date,

shall receive a service retirement allowance, payable monthly during his or her

lifetime, in an amount per month equal to two and seventy-five one-hundredths

percent (2.75%) of his or her final compensation multiplied by the number of years

of his or her service, but in no event to exceed one hundred percent (100%) of final

compensation. For this purpose, "final compensation" means the average monthly

creditable compensation as determined in KRS 61.510(13) of the member for

services as a legislator for the three (3) years during which the member had the

highest creditable legislative compensation.

(5) Subsections (1) to (4) of this section shall not apply to members who begin

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