reglab/statecodes huggingface dataset:
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:140 - Disability

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.661
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.661(5) provides that
				benefits to disability retirees shall be recalculated at the termination of the
				entitlement period as defined in
				KRS
				161.661(3). This
				administrative regulation sets out the procedures to be followed in making
				these new calculations of payable benefits.
Section
			 1. When a retirement allowance is recalculated following the
			 termination of the entitlement period for disability benefits, the member may
			 choose any option plan authorized under
			 KRS
			 161.630. Survivors of a member whose
			 allowance has been recalculated shall not be eligible for survivor benefits as
			 set forth in
			 KRS
			 161.520.
Section 2. Requirements for medical
			 reexaminations, income and employment restrictions, and reevaluation of
			 eligibility status, shall be the same as disability retirement in
			 KRS
			 161.661.
Section 3. Any medical coverage extended to
			 persons retired by reason of disability under the terms of the statutes and
			 contracts with insurance carriers shall be deemed to extend to those persons
			 who retired by reason of disability on July 1, 1964, and thereafter, and whose
			 eligibility period as set forth in
			 KRS
			 161.661(3) and (5), has
			 expired.
STATUTORY AUTHORITY:
				  KRS
				  161.310
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:145 - Basis for options

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.630
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.630 provides that a member of the
				Teachers' Retirement System, retiring for service, may elect an actuarial
				equivalent benefit in lieu of the life annuity provided for in
				KRS
				161.620. This administrative regulation sets
				out the procedures to be used in calculating these optional benefits.
Section 1. In every case, the date of birth
			 of a beneficiary shall be proven by birth certificate, a sworn statement of the
			 member, or other evidences as the board may require.
Section 2. With reference to any appropriate
			 option chosen by a retiring member as a result of regular matched
			 contributions, if at any time the General Assembly by amendment to the
			 Retirement Act, or otherwise, provides increases in the retirement allowances
			 of retired teachers, the increase due, if any, shall be calculated upon the
			 basis of the attained ages of the retiree and the beneficiary on the effective
			 date of the member's retirement.
Section
			 3. The annuities provided for shall be determined by such
			 appropriate annuity mortality tables for male and female lives in use by the
			 system, as prepared by the actuary, and approved by the board of
			 trustees.
STATUTORY AUTHORITY:
				  KRS
				  161.310
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:155 - Annuity payments

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.640
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.640 sets out the manner of approving and
				paying annuities. This administrative regulation provides further guidelines
				for carrying out the provisions of this statute.
Section 1. After an annuity or retirement
			 allowance is authorized by the board, the secretary shall, without further
			 authorization cause the annuity or allowance checks to be issued regularly
			 during the lifetime of the annuitant, or in accordance with the terms of the
			 option chosen by the member.
Section
			 2. The last check shall be issued for the pro rata amount from the
			 first day of the pay period to and including the day of death.
STATUTORY AUTHORITY:
				  KRS
				  161.310
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:163 - Collection of life insurance benefits

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.655
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310 requires the Board of Trustees of
				Teachers' Retirement System (TRS) to promulgate administrative regulations for
				the administration of funds of the retirement system and for the transaction of
				business.
				KRS
				161.655 provides that upon the death of a
				member or retiree, a life insurance benefit shall be provided. This
				administrative regulation establishes the process for issuance of the benefit
				upon the death of a member or retiree.
Section
			 1. Following notification of the death of a member or retiree, TRS
			 shall contact the named beneficiary or estate of the deceased.
Section 2. The Application for Life Insurance
			 Benefit (Form 9) shall be executed by the designated beneficiary or
			 representative of the estate. The application shall be accompanied by the
			 following:
(1) A copy of the member's or
			 retiree's certified death certificate;
(2) If the benefit is payable to the estate,
			 the member failed to designate a beneficiary, or the designated beneficiary has
			 died, a copy of the court order:
(a)
			 Appointing the executor, administrator, or personal representative of the
			 estate; or
(b) Dispensing with
			 formal administration of the estate and a completed Affidavit for Collection of
			 Life Insurance Benefit.
(3) If the benefit is payable to a minor
			 child, a copy of the child's birth certificate. If the child has a court
			 appointed guardian or conservator, a copy of the court order appointing the
			 guardian or conservator;
(4) If the
			 benefit is payable to an existing trust, a copy of the trust
			 document;
(5) If the benefit is
			 payable to an individual and the individual has experienced a name change since
			 the beneficiary designation was made, a copy of the individual's signed Social
			 Security card;
(6) If the member or
			 retiree marries after designating a beneficiary, a copy of the certified
			 marriage certificate; and
(7) If
			 the member or retiree obtains a divorce after designating a beneficiary, a copy
			 of the divorce decree.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:165 - Surviving children's benefits

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.520
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310 requires the Board of Trustees of the
				Kentucky Teachers' Retirement System (TRS) to promulgate administrative
				regulations for the administration of funds of the retirement system and for
				the transaction of business.
				KRS
				161.520(8) requires the
				board to promulgate administrative regulations for the administration of
				survivor's benefits for a deceased member's child.
				KRS
				161.520(7) provides that the
				Board of Trustees of TRS may require application for survivor's benefits. This
				administrative regulation defines "recognized educational program," and
				establishes specific guidelines for administering survivor's benefits and this
				authorized extension of the benefit period.
Section
			 1. Definitions.
(1) "Full-time
			 student" means a student who is in full-time attendance in a recognized
			 educational program and is carrying a subject load that is considered full time
			 for day students under the standards and practices of the educational
			 institution.
(2) "Recognized
			 educational program" means an educational program beyond the high school level
			 that has been approved by a state, or accredited by a state or
			 nationally-recognized accrediting agency.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:168 - Survivor's benefits

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.520
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310 requires the Board of Trustees of the
				Teachers' Retirement System (TRS) to promulgate administrative regulations for
				the administration of funds of the retirement system.
				KRS
				161.520(8) requires the
				board to promulgate administrative regulations for the administration of
				survivor's benefits for a deceased member's spouse, dependent parent or
				dependent sibling.
				KRS
				161.520(7) provides that the
				board may require application for survivor's benefits. This administrative
				regulation establishes the guidelines for applying for survivor's
				benefits.
Section 1.
(1) If a deceased member's survivor meets the
			 requirements set forth in
			 KRS
			 161.520(1), (4), or (5), an
			 Application for Survivor Benefits form may be filed and shall include a
			 photocopy of:
(a) The survivor's signed
			 Social Security card;
(b) The
			 survivor's certified birth certificate; and
(c) The deceased member's certified death
			 certificate.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:170 - Minimum distribution

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.155,
				161.230,
				161.470,
				161.520,
				161.522,
				161.525,
				161.569,
				161.620,
				161.630,
				161.640,
				161.650,
				161.661,
				161.663,
				26 C.F.R. 1.401(a)(9)-1 -1.401(a)(9)-9,
				26 U.S.C.
				401(a)(9),
				414(d)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310(1) requires the
				board of trustees to promulgate administrative regulations for the
				administration of funds of the retirement system and for the transaction of
				business.
				KRS
				161.716 requires the board of trustees to
				promulgate administrative regulations as are necessary to remove any conflicts
				with federal laws and to protect the interests of the members and survivors of
				the members of the retirement system. This administrative regulation implements
				the statutory requirements of
				26 U.S.C.
				401(a)(9), and is based on a
				reasonable good faith interpretation of those statutory requirements. This
				administrative regulation establishes minimum distribution requirements in
				compliance with
				26 U.S.C.
				401(a)(9).
Section 1. Definitions.
(1) "Member" means a member of a retirement
			 fund established in accordance with
			 KRS
			 161.220 to
			 161.990 and
			 administered by the Kentucky Teachers' Retirement System.
(2) "Required beginning date" means April 1
			 of the calendar year following the later of:
(a) The calendar year in which the member
			 attains age seventy and one-half (70 1/2); or
(b) The calendar year in which the member
			 retires.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:175 - Investment policies

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.430
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310 requires the Teachers' Retirement
				System Board of Trustees to promulgate administrative regulations for the
				administration of the funds of the retirement system and for the transaction of
				business.
				KRS
				161.430(1) requires the
				board of trustees to promulgate administrative regulations to establish
				investment policies and procedures to carry out its responsibilities and
				provides that the board of trustees shall have full power and responsibility
				for the purchase, sale, exchange, transfer, or other disposition of the
				investments and money of the Teachers' Retirement System. This administrative
				regulation establishes investment policies and procedures to carry out these
				responsibilities.
Section 1.
(1)
(a) The
			 board of trustees shall appoint an investment committee in accordance with the
			 provisions of
			 KRS
			 161.430(1). The trustees
			 shall be named at the beginning of each fiscal year.
(b) The executive secretary shall act on
			 behalf of the investment committee in administering the investment policies and
			 procedures established in this administrative regulation.
(c) To ensure a timely market transaction,
			 the executive secretary and the chief investment officer may make a purchase or
			 sale of an investment instrument without prior board approval if the action
			 conforms to the provisions established in this administrative
			 regulation.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:178 - Investment policies for insurance trust fund

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.430
NECESSITY, FUNCTION AND CONFORMITY:
				KRS
				161.310 requires the Teachers' Retirement
				System Board of Trustees to promulgate administrative regulations for the
				administration of the funds of the retirement system and for the transaction of
				business.
				KRS
				161.430(1) requires the
				board of trustees to promulgate administrative regulations to establish
				investment policies and procedures to carry out its responsibilities and
				provides that the board of trustees shall have full power and responsibility
				for the purchase, sale, exchange, transfer, or other disposition of the
				investments and money of the Teachers' Retirement System.
				KRS
				161.677(3) provides that the
				board of trustees shall manage the Kentucky Teachers' Retirement System
				insurance trust fund in the same general manner in which it administers
				retirement funds. The administrative regulation establishes investment policies
				and procedures to carry out these responsibilities for the Kentucky Teachers'
				Retirement System insurance trust fund.
Section
			 1.
(1)
(a) The board of trustees shall appoint an
			 investment committee in accordance with the provisions of
			 KRS
			 161.430(1). The trustees
			 shall be named at the beginning of each fiscal year.
(b) The executive secretary shall act on
			 behalf of the investment committee in administering the investment policies and
			 procedures established in this administrative regulation.
(c) To ensure a timely market transaction,
			 the executive secretary and the chief investment officer may make a purchase or
			 sale of an investment instrument without prior board approval if the action
			 conforms to the provisions established in this administrative
			 regulation.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:180 - Kentucky Industrial Development Finance Authority investments

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.430
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.430(1) provides that the
				board of trustees shall give priority to the investment of funds in obligations
				calculated to improve the industrial development and enforce the economic
				welfare of the Commonwealth. This administrative regulation sets out guidelines
				to be followed in investing in obligations of the Kentucky Industrial
				Development Finance Authority.
Section
			 1.
(1) The board of trustees
			 will consider requests by the Kentucky Industrial Development Finance Authority
			 for loans when loan requests are submitted. Requests shall be made in writing
			 thirty (30) days in advance of the time funds are needed and shall be signed by
			 the chairman of the authority. Each request shall contain a reference to the
			 action of the authority authorizing the request for the loan. Any loan made
			 pursuant to the request of the authority shall be evidenced by an instrument or
			 instruments of indebtedness executed by the authority and signed by the
			 chairman. All instruments shall be approved by the Attorney General. Any
			 transfer of funds shall be by interaccount bill as provided in
			 KRS 154.170.
(2) The investment committee shall review
			 each request and approve or disapprove the request subject to the action of the
			 board of trustees.
(3) Loans made
			 to the authority shall bear interest, payable semiannually, on July 1 and
			 January 1, at a rate of return equal to that available on corporate bonds,
			 rated AA or the equivalent by one (1) or more nationally recognized rating
			 services, of the most recent issue. In the event more than one (1) issue has
			 been offered on the same date, the rate available on the largest issue shall be
			 used.
(4) Loans made to the
			 authority shall be for a period of not more than twenty-five (25) years. During
			 the first five (5) years of these loans, interest shall be paid as set forth in
			 subsection (3) of this section, and the authority shall have the right to pay
			 all or any part of the principal during this period. Beginning with the sixth
			 year, the authority shall pay interest and at least that percentage of the
			 remaining principal balance necessary to retire the loan within the remaining
			 life of the loan.
(5) The authority
			 shall furnish to the board of trustees an annual financial statement of its
			 accounts.
(6) During any fiscal
			 year, the amount of funds loaned to the authority by the Teachers' Retirement
			 System shall be in the same proportion to the total amount loaned as the assets
			 of the Teachers' Retirement System are to the total assets of all the
			 retirement systems.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:185 - Reciprocal program between County Employees Retirement System, Kentucky Employees Retirement System, State Police Retirement System, Legislators' Retirement Plan, Judicial Retirement System, and Teachers' Retirement System

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				6.525,
				16.537,
				21.427,
				61.552,
				61.680,
				78.605,
				161.600,
				161.608
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				6.525,
				16.537,
				21.427,
				61.552,
				61.680,
				78.605,
				161.600,
				and
				161.608
				set forth a broad program of reciprocity among the retirement systems
				administered under provisions of KRS Chapters 6, 16, 21, 61, 78, and 161. This
				administrative regulation defines the benefits to be provided and the
				administrative procedures to be followed in arriving at the appropriate
				payments to be made to eligible persons.
Section
			 1. Upon death, disability, or service retirement, the following
			 procedure shall be applicable to a member having an account in more than one
			 (1) retirement system:
(1) Combine the
			 member's service in all systems;
(2) Determine eligibility in each system
			 based on combined service;
(3) If
			 eligible in any system, determine benefits; and
(4) Check for specific exceptions such as
			 prior service, request for separate account or special death or disability
			 exception.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:195 - Payroll reports

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.560
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.560 provides that employers shall submit
				payroll reports, contribution lists, and other data as may be required by
				administrative regulation of the board of trustees. This administrative
				regulation sets out the procedures to be followed by employers in forwarding
				payroll reports to the Teachers' Retirement System.
Section 1. Employers shall submit a complete
			 report of all member contributions to the Teachers' Retirement System at the
			 close of each fiscal year. These reports must be received by the Teachers'
			 Retirement System no later than August 1 of each year. The Teachers' Retirement
			 System shall determine the information required in the reports.
Section 2. Employers shall provide to the
			 Teachers' Retirement System, upon request, information relating to the dates
			 that the members are paid and other information related to the payroll
			 deduction of member contributions to the Teachers' Retirement System.
Section 3. The Teachers' Retirement System
			 may require special reports of all member contributions to the system at the
			 times it is deemed necessary and in the best interest of the system.
STATUTORY AUTHORITY:
				  KRS
				  161.310
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:210 - Submission of employer data

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.560
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.560 requires the Teachers' Retirement
				System to impose an interest penalty at an annual rate not to exceed twelve
				(12) percent per year on employers who do not remit member contributions within
				fifteen (15) days following each payroll period. This administrative regulation
				establishes guidelines for submission of payroll reports, contribution lists,
				other data from employers, and imposition of the interest penalty.
Section 1. Each employer shall advise the
			 Teachers' Retirement System of the payroll dates that are applicable to all
			 employees who are members of the Teachers' Retirement System. The employers
			 shall be responsible for advising the Teachers' Retirement System of any
			 changes in the payroll dates.
Section
			 2. In forwarding the member contributions, the employer shall
			 certify that the submitted monies represent all contributions deducted for the
			 applicable pay period.
Section 3.
			 In the event that member contributions are not received by the Teachers'
			 Retirement System within fifteen (15) days following a payroll period, the
			 employer shall be charged interest at the rate of one (1) percent simple
			 interest of the amount of the late contribution for each month or part of a
			 month that the contributions are late. In no event shall the interest charge
			 exceed twelve (12) percent during a twelve (12) month period. The employer
			 shall pay the imposed penalty to the Teachers' Retirement System within thirty
			 (30) days after notification of the infraction.
Section 4. The employment contract, payroll
			 and retirement contribution records of members shall be made available to
			 representatives of the Teachers' Retirement System by the employer at any time
			 during regular working hours.
Section
			 5. The Teachers' Retirement System may require from the employer
			 payroll reports, contribution lists and other pertinent data that are necessary
			 to identify member retirement contributions. The required information shall be
			 on forms furnished or approved by the system.
STATUTORY AUTHORITY:
				  KRS
				  161.310
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:220 - Final average salary based on average of three (3) highest salaries

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.220(9)
NECESSITY, FUNCTION AND CONFORMITY:
				KRS
				161.220(9) authorizes the
				Board of Trustees of the Teachers' Retirement System to approve for calculation
				of retirement annuities a final average salary based upon an average of the
				three (3) highest salaries for those members who are at least fifty-five (55)
				years of age and have at least twenty-seven (27) years of Kentucky service
				credit. This administrative regulation establishes the Board of Trustees'
				approval for the application of the three (3) highest salaries in the
				calculation of retirement annuities.
Section
			 1. A member who is at least fifty-five (55) years of age and has
			 at least twenty-seven (27) years of Kentucky service credit shall be eligible
			 to have the member's retirement annuity calculated with a final average salary
			 based upon an average of the member's three (3) highest salaries only if the
			 member meets:
(1) The age and service
			 requirements at the time of the member's initial retirement; or
(2) The conditions established in Section 2
			 of this administrative regulation.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:240 - Increase in compensation limit

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.220(10), 26 C.F.R.
				1.401(a)(17)-1(d)(4)(ii),
				26 U.S.C.
				401(a)(17)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310(1) requires the
				board of trustees to promulgate administrative regulations for the
				administration of the funds of the retirement system and for the transaction of
				business.
				KRS
				161.716 requires the board of trustees to
				promulgate administrative regulations as are necessary to remove any conflicts
				with federal laws and to protect the interests of the members and survivors of
				members of the retirement system. This administrative regulation establishes
				the increase in compensation limit as provided by
				26 U.S.C.
				401(a)(17)(A).
Section 1. Definition. "Annual compensation"
			 is defined by
			 KRS
			 161.220(10).
Section 2. Increase in Limit. The annual
			 compensation of each member taken into account in determining benefit accruals
			 in any plan year beginning after December 31, 2001, shall not exceed $200,000.
(1) For purposes of determining benefit
			 accruals in a plan year beginning after December 31, 2001, compensation for any
			 prior determination period shall be limited as provided in Section 3 of this
			 administrative regulation.
(2) If
			 the determination period consists of fewer than twelve (12) months, the annual
			 compensation limit shall be an amount equal to the otherwise applicable annual
			 compensation limit multiplied by a fraction, the numerator of which shall be
			 the number of months in the short determination period, and the denominator of
			 which shall be twelve (12).
(3) If
			 the compensation for any prior determination period is taken into account in
			 determining a plan member's contributions or benefits for the current plan
			 year, the compensation for the prior determination period shall be subject to
			 the applicable annual compensation limit in effect for that prior
			 period.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:245 - Rollover and transfers of contributions to other plans

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.220 -161.990,
				26 U.S.C.
				401(a),
				402(c),
				403(a),
				(b),
				408,
				408A,
				414(p),
				457(b)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310(1) requires the
				board of trustees to promulgate administrative regulations for the
				administration of the funds of the retirement system and for the transaction of
				business.
				KRS
				161.716 requires the board of trustees to
				promulgate administrative regulations as are necessary to remove any conflicts
				with federal laws and to protect the interests of the members and survivors of
				the members of the retirement system. This administrative regulation
				establishes what constitutes eligible rollover distributions, eligible
				retirement plans, distributions, distributees, and direct rollovers for
				purposes of compliance with
				26 U.S.C.
				401(a).
Section 1. "Eligible rollover distribution"
			 shall include any distribution of all or any portion of the balance to the
			 credit of the distributee, except:
(1) A
			 distribution that is one (1) of a series of substantially equal periodic
			 payments made at least annually:
(a) For the
			 life or life expectancy of the distributee and the distributee's designated
			 beneficiary;
(b) The joint lives or
			 joint life expectancy of the distributee and the distributee's designated
			 beneficiary; or
(c) For a specified
			 period of ten (10) years or more;
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:250 - Rollovers from other plans

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				26 U.S.C.
				402(c)(8)(B),
				403(b)(8)(A),
				408(d)(3)(A),
				457(e)(16)(A)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310 requires the Board of Trustees of the
				Teachers' Retirement System of the state of Kentucky to promulgate
				administrative regulations for the administration of the funds of the
				retirement system and for the transaction of business.
				KRS
				161.716 requires the Board of Trustees to
				promulgate administrative regulations as are necessary to remove any conflicts
				with federal laws and to protect the interests of the members and survivors of
				members of the retirement system. This administrative regulation establishes
				the types of rollovers from other plans that may be accepted by the retirement
				system as approved by the Internal Revenue Code,
				26
				USC 1 to
				9833.
Section 1.
(1) Kentucky Teachers' Retirement System
			 shall accept member rollover contributions and direct rollovers of
			 distributions to purchase service credit as authorized under
			 KRS
			 161.220 to
			 161.990.
(2) The system shall accept a direct rollover
			 of an eligible rollover distribution from:
(a) A qualified plan described in
			 26 USC
			 401(a),
			 401(k),
			 or
			 403(a)
			 of the Internal Revenue Code;
(b)
			 An annuity contract described in
			 26 USC
			 403(b) of the code;
			 or
(c) An eligible plan under
			 26
			 USC 457(b) of the code which
			 is maintained by a state, political subdivision of a state, or any agency or
			 instrumentality of a state or political subdivision of a state.
(3) The system shall accept the
			 contribution of an eligible rollover distribution from:
(a) A qualified plan described in
			 26 USC
			 401(a),
			 401(k),
			 or
			 403(a)
			 of the Internal Revenue Code;
(b)
			 An annuity contract described in
			 26 USC
			 403(b) of the code;
			 or
(c) An eligible plan under
			 26
			 USC 457(b) of the code which
			 is maintained by a state, political subdivision of a state, or any agency or
			 instrumentality of a state or political subdivision of a state.
(4) The system shall accept a
			 member rollover contribution of the portion of a distribution from an
			 individual retirement account or annuity described in
			 26 USC
			 408(a) or
			 408(b)
			 of the code that is eligible to be rolled over and otherwise would be
			 includible in gross income.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:270 - Statement of member account

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.580
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310(1) requires the
				Board of Trustees of the Kentucky Teachers' Retirement System to promulgate
				administrative regulations for the administration of the funds of the
				retirement system and for the transaction of business. This administrative
				regulation establishes standards for the content and procedures for the
				distribution of statements of members' accounts.
Section 1. Each member shall be provided with
			 a statement of his or her account. Each member's statement shall contain the
			 following information if applicable:
(1) Date
			 of birth;
(2) Member
			 identification;
(3) Total service
			 credit accrued or purchased; and
(4) Total member contribution and interest
			 accumulation.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:290 - Disability retirement application, review, and examinations

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.661,
				161.663
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310 requires the Board of Trustees of the
				Teachers' Retirement System of the State of Kentucky (TRS) to promulgate
				administrative regulations for the administration of the funds of the
				retirement system and for the transaction of business.
				KRS
				161.661(14) authorizes the
				board to promulgate administrative regulations regarding procedures for a
				medical review committee to follow when reviewing applications for disability
				retirement.
				KRS
				161.661(10) provides that
				members retired by reason of disability shall undergo periodic examinations at
				the discretion of the board of trustees to determine whether the disability
				retirement allowance shall be continued. This administrative regulation
				establishes guidelines for filing an application for disability retirement and
				the required periodic examinations.
Section
			 1. To qualify for disability retirement, a member shall meet the
			 requirements set forth in
			 KRS
			 161.661(1) and (9) or
			 KRS
			 161.663. A member who requests an application
			 shall be given a copy of:
(1) Disability
			 Retirement Information You Should Know;
(2) Disability New Retiree Health Insurance
			 Information for Plan Year 2016; and
(3) Wage Bracket Method Tables for Income Tax
			 Withholding.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:300 - Kentucky teachers' retirement system trustees education program

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.250(3)(c)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310 requires the Board of Trustees of
				Kentucky Teachers' Retirement Systems to promulgate all administrative
				regulations necessary or proper for the administration of the funds of the
				retirement system and for the transaction of business.
				KRS
				161.250(3)(c) provides that
				the board shall establish a formal trustee education program for all trustees
				of the board, which shall be incorporated by reference in an administrative
				regulation. This administrative regulation establishes the "Kentucky Teachers'
				Retirement System Trustees Education Program."
Section 1. Incorporation by Reference.
(1) The "Kentucky Teachers' Retirement System
			 Trustees Education Program", adopted November 17, 2008, is incorporated by
			 reference.
(2) This material may be
			 inspected, copied, or obtained, subject to applicable copyright law, at the
			 Kentucky Teachers' Retirement System, 479 Versailles Road, Frankfort, Kentucky,
			 Monday through Friday, 8 a.m. to 4:30 p.m.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:320 - Qualified domestic relations orders

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.220,
				161.700,
				161.716,
				403.190,
				26 U.S.C.
				414(p)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310(1) requires the
				Board of Trustees of the Teachers' Retirement System (TRS) to promulgate
				administrative regulations for the administration of the funds of the
				retirement system.
				KRS
				161.700(4) requires the
				Board of Trustees of TRS to promulgate administrative regulations setting forth
				the requirements, procedures, and forms for the approval and processing of
				qualified domestic relations orders impacting the benefits of participants of
				the retirement system. This administrative regulation establishes these
				requirements.
Section 1. Definitions.
(1) "Alternate payee" is defined by
			 KRS
			 161.220(26).
(2) "Benefits" means a monthly service or
			 disability retirement allowance or refund payable at the request of a
			 participant covered by TRS who terminates employment in a TRS covered position
			 prior to becoming eligible to receive a retirement allowance.
(3) "Member" is defined by
			 KRS
			 161.220(4).
(4) "Participant" is defined by
			 KRS
			 161.220(24).
(5) "Qualified domestic relations orders" or
			 "QDRO" is defined by
			 KRS
			 161.220(25).
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:330 - Travel and administrative expenses

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.585
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.585 requires the Board of Trustees of
				Kentucky Teachers' Retirement System (KTRS) to promulgate an administrative
				regulation to recover travel and administrative expenses incurred when KTRS
				staff are required to produce records or provide testimony in response to a
				duly issued subpoena. This administrative regulation establishes the procedures
				to recover travel and administrative expenses incurred when KTRS staff are
				required to produce records or provide testimony in response to a duly issued
				subpoena.
Section 1. Definitions.
(1) "Cabinet" means the Finance and
			 Administration Cabinet.
(2) "High
			 rate area" means a city, state, or metropolitan area in which it has been
			 recognized that higher meal costs and lodging rates have historically prevailed
			 and that has been designated by the secretary of the cabinet as a high rate
			 area.
(3) "Receipt" means any
			 preprinted invoice, from a hotel, motel, restaurant, or other establishment,
			 showing the date of service, the amount charged for the service, the location
			 where the service was performed, and a description of the
			 expenditure.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:340 - Calculation of final average salary

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.220(9)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310(1) requires the
				board of trustees to promulgate administrative regulations for the
				administration of the funds of the retirement system and for the transaction of
				business.
				KRS
				161.220(9) establishes the
				definition of "final average salary" for retirement calculation purposes, which
				limits the amount of increases in salaries that can be included as final
				average salary if those increases are received for any of the three (3) years
				of employment immediately prior to retirement, unless the member experiences a
				corresponding change in position or in length of employment. This
				administrative regulation establishes the method for calculating final average
				salary if there is a change in position or in length of employment for any of
				the final three (3) years immediately prior to retirement, and measuring the
				increase in compensation for those final three (3) years.
Section 1. Definitions.
(1) "Additional duties" means service from a
			 duty or duties outside of the member's primary job duty. This includes
			 compensation paid from a district's supplemental or extra service salary
			 schedule, such as coaching, club sponsoring, and summer school teaching.
			 Additional duties also includes extended school services (ESS). For members
			 employed by employers that are not school districts, additional duties includes
			 assignments, responsibilities, duties, college credit hour classes taught,
			 grant writing, and projects that are outside of, or added to, the member's
			 position.
(2) "Newly Created
			 Position" means a position that did not exist at least a full twelve (12)
			 months prior to the member's assumption of that position.
(3) "Position" means:
(a) The primary job duty performed by a
			 member that, standing alone, earns service credit in TRS, whether that job duty
			 is provided in full-time employment as defined in
			 KRS
			 161.220(21), part-time
			 employment, or substitute teaching; and
(b) Does not include additional duties as
			 defined in this administrative regulation.
(4) "Previously Existing Position" means a
			 position that existed at least a full twelve (12) months prior to the member's
			 assumption of that position.
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:350 - Full actuarial cost purchase

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.220(22),
				161.507,
				161.515,
				161.545,
				161.5465,
				161.547,
				161.548,
				161.549
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.310 requires the Board of Trustees of the
				Kentucky Teachers' Retirement System (KTRS) to promulgate all administrative
				regulations for the administration of the funds of the retirement system.
				KRS
				161.507,
				161.515,
				161.545,
				161.5465,
				161.547,
				161.548,
				and
				161.549
				permit members to purchase service credit. These purchases of service credit
				are purchasable at full actuarial cost as defined by
				KRS
				161.220(22). This
				administrative regulation provides the interest rate to be accredited to
				members who make an advance payment for service credit at full actuarial cost
				prior to retirement.
Section 1. Members
			 who make an advance payment for service credit at full actuarial cost at least
			 one (1) month prior to their effective retirement date shall be accredited
			 regular interest against their payment(s) at the rate provided for members
			 under
			 KRS
			 161.220(13). This interest
			 shall be accredited at the time of retirement when the final full actuarial
			 cost purchase amount is reconciled and shall be subject to adjustment to
			 reflect the actuarial experience of the retirement system.
STATUTORY AUTHORITY:
				  KRS
				  161.310(1)
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 1 - General Rules › Section 102 KAR 1:360E - Disability benefits for members who enter on, or after, January 1, 2022

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.661(19)
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.661(19) provides that
				individuals who become members on, or after, January 1, 2022, shall be eligible
				for a disability benefit as prescribed by th Board of Trustees of Teachers'
				Retirement System (TRS) in an administrative regulation promulgated by the
				Board. The disability plan and benefit may be adjusted by the board according
				to law.
Section 1. For members who
			 enter TRS on, or after, January 1, 2022, who have less than five (5) years of
			 servies, the disability plan and benefits shall be those provided under
			 KRS
			 61.621 (the Fred Capps Memorial
			 Act).
Section 2. The members
			 defined in section 1 are not eligible for benefits provided by
			 KRS
			 161.663.
STATUTORY AUTHORITY:
				  KRS
				  161.310,
				  161.661(19)
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 2 - Board of Trustees › Section 102 KAR 2:010 - Election of chairperson, vice chairperson

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				161.340
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.340 provides for the annual election of a
				chairperson and a vice chairperson for the board of trustees. This
				administrative regulation sets the time for such election.
Section 1. At the last meeting of the fiscal
			 year (the fourth quarter meeting) the board of trustees shall elect a
			 chairperson and vice chairperson for the succeeding fiscal year.
STATUTORY AUTHORITY:
				  161.310
Kentucky Administrative Regulations › Title 102 - TEACHERS' RETIREMENT SYSTEM › Chapter 2 - Board of Trustees › Section 102 KAR 2:025 - Executive secretary's qualifications

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO: KRS 161.220-161.710
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				161.340(1) provides that the
				Board of Trustees may require, by administrative regulation, qualifications for
				the position of executive secretary beyond that included in this particular
				statute. This administrative regulation sets out additional qualifications as
				needed to supplement this section of the statutes and is in compliance
				therewith.
Section 1. Since the
			 executive secretary occupies the position of chief administrative officer of
			 the retirement system, it is essential that the person holding this position
			 have the following general qualifications:
(1)
			 A graduate of an accredited four (4) year college or university with a major
			 related to school or public administration, accounting, personnel
			 administration or other area relating to the administration of a broad program
			 of retirement benefits.
(2) Have
			 experience of three (3) or more years in school or public administration,
			 retirement system administration, public accounting or other related
			 fields.
(3) Have a depth of
			 understanding of actuarial principals and assumptions on which the system is
			 based.
(4) Have the ability to
			 organize and direct the staff of the system so as to assure its efficient
			 administration in all areas of its operation.
(5) Have a general knowledge of the factors
			 involved in carrying on a prudent and effective investment program for the
			 system's trust fund.
(6) Have the
			 ability to work cooperatively with individuals and groups having an interest in
			 the system and its program of benefits, and to secure support of such persons
			 for needed improvements in the system.
(7) Have an understanding of the problems of
			 older persons and the ability to work with such persons in making reasonable
			 attempts to solve or alleviate these special difficulties.
(8) Have a detailed knowledge of the statutes
			 and administrative regulations governing the retirement system and ability to
			 interpret them to both active and retired teachers.
Kentucky Administrative Regulations › Title 103 - FINANCE AND ADMINISTRATION CABINET - DEPARTMENT OF REVENUE › Chapter 1 - General Administration › Section 103 KAR 1:010 - Protests

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				49.220,
				49.250,
				131.010,
				131.030,
				131.081,
				131.110,
				131.180
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				131.130(1) authorizes the
				Kentucky Department of Revenue to promulgate administrative regulations for the
				administration and enforcement of all tax laws of this state. This
				administrative regulation provides guidance regarding a taxpayer's protest
				rights and outlines procedures to facilitate the filing, processing, and
				disposition of a protest.
Section 1.
			 Definition. "Notice" means a letter, memorandum, or other document from the
			 department that:
(1) Notifies the taxpayer
			 that tax has been assessed and is due, or a request for refund has been
			 partially denied or denied in full; and
(2) Explains the taxpayer's right to protest
			 the assessment, refund denial, or refund reduction, and the time period for
			 filing a protest.