KRS 21.400: Computation of retirement allowance for member who began participating

before January 1, 2014 -- Benefit reduction for early retirement.

(1) A member who began participating in the Judicial Retirement Plan prior to January

1, 2014, who retires on or after his normal retirement date shall receive a service

retirement allowance, payable monthly during his lifetime, in an amount per month

equal to two and seventy-five hundredths percent (2.75%) of his final compensation

multiplied by the number of years of his service, but in no event to exceed one

hundred percent (100%) of final compensation, except that for any service

performed while a member prior to July 1, 1978, any service prior to July 1, 1962,

creditable under KRS 21.345, and any service performe d in continued membership

(or allowable under KRS 21.410 or 21.420) after June 30, 1978, by a person who

was a member on that date, the monthly percentage figure shall be five percent (5%)

of his final compensation multiplied by the number of years of his service, and

except that for any service performed by a member who elected membership at an

annual accrual rate of four and fifteen one hundredths percent (4.15%) and for any

service performed in continued membership thereafter (or allowable under KRS

21.410 to 21.420), the benefit, payable monthly during his lifetime shall be an

amount equal to four and fifteen one -hundredths percent (4.15%) of his final

compensation multiplied by the number of years of his service, and except that

allowances heretofore granted, and rights related thereto, shall not be affected by the

1978 or 1980 amendments to this section. For this purpose, "final compensation"

means the average monthly compensation of the member for the sixty (60) months

of service immediately preceding his retirement, including, in the case of a Circuit

Judge, compensation received as special commissioner of the former Court of

Appeals. If, at the time of retirement or death of a member his total period of

service in one or more positions covered by the system has not amounted to sixty

(60) months, his "final compensation" shall be computed as if he had served in the

first position he occupied under the system for such period of time as to bring his

total service (in all positions) to sixty (60) months. I f that category of position was

not in existence for that period, it shall be treated as though it had been in existence

for that period and as if the compensation paid for the presumed period of existence

was at the rate provided for the category when it in fact first was created.

(2) A member who began participating in the Judicial Retirement Plan prior to January

1, 2014, who retires before his normal retirement date shall be vested with the right

to receive, when he reaches his normal retirement age, a service retirement

allowance computed on the basis of the number of years of his actual service, and

payable in accordance with:

(a) The provisions of subsection (1) of this section; or

(b) KRS 21.580 if the member retires as a Senior Status Special Judge while the

pilot program created in KRS 21.580 is in effect.

(3) In lieu of the right provided for in subsection (2) of this section, a member who

began participating in the Judicial Retirement Plan prior to January 1, 2014, who

retires before his normal re tirement age may elect, at any time before reaching his

normal retirement age, to be paid commencing as of the time of the election a

monthly service retirement allowance equal in amount to the monthly allowance

that would have become payable under subsect ion (2) of this section when he

reached his normal retirement age, reduced at the rate of five percent (5%) for each

year by which his actual age at the time the election is made is lower than the

normal retirement age.

(4) A member who began participating in the Judicial Retirement Plan prior to January

1, 2014, who retires before his normal retirement date when his benefit is based on

twenty-seven (27) years or more of service in the Judicial Retirement Plan, or if his

judicial service credit, when combin ed with service he has in, or for which he is

receiving benefits from, the Legislators' Retirement Plan, the Kentucky Employees

Retirement System, County Employees Retirement System, State Police Retirement

System, or the Teachers' Retirement System, is eq ual to twenty -seven (27) years,

shall be vested with the right to receive a service retirement allowance computed on

the basis of the number of years of his actual service, and payable in accordance

with:

(a) The provisions of subsection (1) of this section; or

(b) KRS 21.580 if the member retires as a Senior Status Special Judge while the

pilot program created in KRS 21.580 is in effect.

(5) In lieu of the right provided for in subsection (2) of this section, a member who

began participating in the Judicia l Retirement Plan prior to January 1, 2014, who

retires before his normal retirement age may elect, at any time before reaching his

normal retirement age, to be paid commencing as of the time of the election, a

monthly service retirement allowance equal in amount to the monthly allowance

that would have become payable under subsection (2) of this section when he

reached normal retirement age, reduced at the rate of five percent (5%) for each year

by which his years of service or combined service pursuant to subsection (4) of this

section are lower than twenty-seven (27).

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

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