{"data":{"id":"us-ky/krs-16.560","jurisdiction":"us-ky","citation":"KRS 16.560","heading":"Member account.","body":"(1) The member account shall be the account to which:\n(a) All members' contributions, or contributions picked up by the employer after\nAugust 1, 1982, and interest allowances as provided in KRS 16.505 to 16.652\nshall be credited, except as provided by KRS 61.702(2)(b); and\n(b) For members who begin participating in the system on or after January 1,\n2014, the employer pay credit and interest credited on such amounts as\nprovided by KRS 16.583 shall be credited.\nOnly funds from this account shall be used to return accumulated contributions or\naccumulated account bal ances of a member when required by reason of any\nprovision of KRS 16.505 to 16.652. Prior to the member's retirement, death, or\nrefund in accordance with KRS 61.625, no funds shall be made available from the\nmember's account.\n(2) Each member's contribution  or contribution picked up by the employer shall be\ncredited to the individual account of the contributing member, except as provided\nby KRS 61.702(2)(b).\n(3) (a) Each member shall have his individual account credited with interest on June\n30 of each fiscal year.\n(b) For members who begin participating before September 1, 2008, interest shall\nbe credited to their individual account at a rate determined by the board but\nnot less than two and one -half percent (2.5%) per annum on the accumulated\naccount balance of the member on June 30 of the preceding fiscal year.\n(c) For members who begin participating on or after September 1, 2008, but prior\nto January 1, 2014, interest shall be credited to their individual account at a\nrate of two and one -half percent (2.5% ) per annum on the accumulated\naccount balance of the member on June 30 of the preceding fiscal year.\n(d) For members who begin participating on or after January 1, 2014, in the\nhybrid cash balance plan, interest shall be credited to their individual accou nt\nin accordance with KRS 16.583.\n(e) The amounts of interest credited to a member's account under this subsection\nand KRS 16.583 and the employer pay credit as provided by KRS 16.583 shall\nbe transferred from the retirement allowance account.\n(4) (a) Upon the retirement of a member who began participating in the system prior\nto January 1, 2014, his or her accumulated account balance shall be\ntransferred from the member's account to the retirement allowance account.\n(b) Upon the retirement of a member who b egan participating in the system on or\nafter January 1, 2014, who elects to annuitize his or her accumulated account\nbalance as prescribed by KRS 16.583(7)(a) or (b), the member's accumulated\naccount balance shall be transferred to the retirement allowance account.\n(5) Included as a part of such member's account shall be his accumulated account\nbalance in the Kentucky Employees Retirement System, if any, transferred to this\nsystem.","path":["KRS Chapter 16"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=42664","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:37Z","sha256":"6f9a23b68d98e69c0ea6d53f920eebbca57c65170bdc1fa886b86c1a94b74a02","source_id":"us-ky","stale":false,"prev":"us-ky/krs-16.555","next":"us-ky/krs-16.565"},"notice":"GroundRules: Original legal text. Not legal advice."}