KRS 21.565: Administration and assets of plan created under KRS 21.567.

(1) The Kentucky Judicial Retirement Plan excess benefit plan established in KRS

21.567 shall be administered by the board of trustees of the Kentucky Judicial Form

Retirement System. The board shall have the same authority in its administration as

it has in the administration of the Kentucky Judicial Retirement Plan.

(2) The plan shall constitute a qualified governmental excess benefit plan as provided

in 26 U.S.C. sec. 415(m).

(3) All retired members and beneficiaries of the Kentucky Judicial Retirement Plan

whose effective retirement dates are July 1, 1998, or after, and whose retirement

allowances have been limited by 26 U.S.C. sec. 415 shall be participants in the plan.

Each member's participation in the plan shall be determined each fiscal year and

shall c ease for any year in which the retirement allowance is not limited by 26

U.S.C. sec. 415.

(4) A participant shall receive a benefit equal to the difference between the retirement

allowance otherwise payable from the plan prior to any reduction or limitatio n

required by 26 U.S.C. sec. 415 and the actual retirement allowance payable as

limited by 26 U.S.C. sec. 415. The benefit shall be subject to withholding for

applicable state and federal taxes. The benefit shall be paid in accordance with the

retirement payment option selected by the member for the retirement allowance.

(5) (a) The board, in accordance with the recommendation of the actuary, shall

determine the required contribution to pay benefits each fiscal year. The

required contribution for each fisca l year shall be the total amount of benefits

payable under this section to all participants plus the amount required to pay

any employment taxes on the benefits paid from the plan.

(b) The required contribution shall be paid from state appropriations.

(c) The required contribution shall be deposited into the separate fund. The plan

is intended to be exempt from federal income tax under 26 U.S.C. sec. 115

and 26 U.S.C. sec. 415 (m)(1).

(d) The benefit liability shall be determined on a fiscal year basis, and

contributions shall not be accumulated to pay benefits in future fiscal years.

Any assets not used to pay benefits in the current fiscal year shall be paid to

the Retirement Plan.

(6) The benefits payable from the plan shall be treated in accordance with KRS 21.470.