KRS § 21.374 — KY Code / Title IV / Chapter 21 / Section 21.374
21.374 Election by member participating in the Legislators' Retirement Plan or the Judicial Retirement Plan on or after September 1, 2008, but before January 1, 2014 -- Participation in hybrid cash balance plan -- Private letter ruling -- Administrative regulations
Status: in_force

21.374 Election by member participating in the Legislators' Retirement Plan

or the Judicial Retirement Plan on or after September 1, 2008, but before

January 1, 2014 -- Participation in hybrid cash balance plan -- Private

letter ruling -- Administrative regulations.

Notwithstanding KRS 6.500 to 6.577 and 21.345 to 21.580:

(1) Subject to the provisions of this section, any member who began participating

in the Legislators' Retirement Plan or the Judicial Retirement Plan on or after

September 1, 2008, but prior to January 1, 2014, may in lieu of the benefits he

or she is currently eligible to receive under the plans, elect to receive the

benefits and rights provided to members who began participating in the

Legislators' Retirement Plan or the Judicial Retirement Plan on or after January

1, 2014, including participating in the hybrid cash balance plan created

pursuant to KRS 21.402;

(2) The election provided by this section shall be made in writing and on a form

prescribed by the Judicial Form Retirement System board;

(3) For each member who makes an election provided by this section:

(a) Any service credit the member has accrued prior to January 1, 2014,

shall be considered as service credit earned on or after January 1, 2014,

for purposes of determining benefits under KRS 6.500 to 6.577 and

21.345 to 21.580;

(b) On the member's effective election date, the value of the member's

accumulated contributions, less any interest, shall be deposited into the

member's hybrid cash balance account as provided by KRS 21.402 and

considered part of the member's accumulated account balance;

(c) On the member's effective election date, an employer pay credit as

provided by KRS 21.402 shall be added to the member's accumulated

account balance for each month the member contributed to the

Legislators' Retirement Plan or the Judicial Retirement Plan prior to his or

her effective election date; and

(d) Interest credits as provided by KRS 21.402 shall only be applied for

periods occurring on or after the member's effective election date;

(4) Before accepting an election provided by this section, the Judicial Form

Retirement System board shall provide the member with information detailing

the potential results of the member's election;

(5) An election made pursuant to this section shall be irrevocable; and

(6) (a) A member of the Legislators' Retirement Plan or the Judicial Retirement

Plan shall not be eligible to make an election prescribed by this section

until the Judicial Form Retirement System receives a favorable private

letter ruling from the Internal Revenue Service regarding this section.

(b) If the Internal Revenue Service denies the request for a private letter

ruling as provided by paragraph (a) of this subsection, this section shall

be void.

(c) The Judicial Form Retirement System may promulgate administrative

regulations under KRS Chapter 13A in order to carry out this section.