{"data":{"id":"us-ky/krs-16.576","jurisdiction":"us-ky","citation":"KRS 16.576","heading":"Normal  retirement for members  who  began  participating before","body":"January 1, 2014 -- Election regarding payment of retirement allowance.\n(1) (a) Any  member  who begins participating before September 1, 2008, who\nhas  at least five (5) years of service credit may  retire at his normal\nretirement date, or subsequent thereto, upon written notification to the\nsystem, setting forth at what date the retirement is to become effective, if\nthe effective date shall be after his last day of service and subsequent to\nthe filing of the notice at the retirement office.\n(b) Any  member  who begins participating on or after September 1, 2008,\nwho  has at least five (5) years of service credited under KRS  16.543(1),\n61.543(1), or another state-administered retirement system may retire at\nhis or her normal retirement date, or subsequent thereto, upon written\nnotification to the system, setting forth what date the retirement is to\nbecome  effective, if the effective date shall be after his or her last day of\nservice and subsequent to the filing of the notice at the retirement office.\n(2) The  member  shall have the right to elect to have his retirement allowance\npayable under subsection (3), (4), or (6) of this section or any one (1) of the\nplans set forth in KRS 61.635.\n(3) (a) Effective August 1, 1990, a member  of the Kentucky State Police\nRetirement System may elect to receive an annual retirement allowance,\npayable monthly during his lifetime, equal to two and five-tenths percent\n(2.5%) of final compensation for each year of service credit. Effective\nAugust  1, 1988, a member  of the Kentucky Employees  Retirement\nSystem covered by this section may elect to receive an annual retirement\nallowance, payable monthly during his lifetime, equal to two and forty-nine\nhundredths percent (2.49%) of final compensation for each year of\nservice credit. The annual retirement allowance for a member  covered by\nthis section shall not exceed the maximum  benefit as set forth in the\nInternal Revenue Code.\n(b) A  member  of the State Police Retirement System or a member  of the\nKentucky Employees Retirement System covered by this section, whose\nparticipation begins on or after September 1, 2008, but prior to January 1,\n2014, shall receive an annual retirement allowance, payable monthly\nduring his or her lifetime, equal to:\n1. One  and three-tenths percent (1.3%) of final compensation for each\nyear of service credit if the employee has earned ten (10) or less\nyears of service at retirement;\n2. One  and one-half percent (1.5%) of final compensation for each\nyear of service credit if the employee has earned greater than ten\n(10) but no more than twenty (20) years of service at retirement;\n3. Two  and one-quarter percent (2.25%) of final compensation for\neach year of service credit if the employee has earned greater than\ntwenty (20) but less than twenty-five (25) years of service at\nretirement; or\n4. Two  and one-half percent (2.5%) of final compensation for each\nyear of service credit if the employee has earned twenty-five (25) or\nmore years of service at retirement.\n(4) The member  may elect to receive a monthly retirement allowance payable for\nten (10) years certain, actuarially equivalent to the retirement allowance\npayable under subsection (3) of this section. If the member  should become\ndeceased  prior to the expiration of ten (10) years, his beneficiary, unless the\nbeneficiary is the member's  estate, shall receive the remaining payments\nmonthly for the duration of the ten (10) years. If the member's estate is the\nbeneficiary, the member's estate shall receive a lump-sum payment which shall\nbe the actuarial equivalent to the remaining payments. The provisions of KRS\n61.702  notwithstanding, the member  who  retired on June  17, 1978, or\nthereafter, and his spouse and eligible dependents shall continue to receive the\ninsurance benefits to which they are entitled pursuant to KRS  61.702 after the\nexpiration of ten (10) years. Effective with any insurance contract procured, or\nself-insurance plan instituted, after July 15, 1990, a member  who retired prior\nto June 17, 1978, and his spouse and eligible dependents shall receive\ninsurance benefits pursuant to KRS  61.702 upon payment by the member  or\nbeneficiary of the entire cost of the required insurance premium.\n(5) Notwithstanding any other provisions of this section, upon written notification to\nthe system, a member  shall have the option to defer his election to receive his\nretirement allowance. The retirement allowance payable under a deferred\noption shall be increased to reflect the deferred receipt of benefits.\n(6) In lieu of any other benefits due under KRS  16.505 to 16.652, a member  who\nbegins participating before September 1, 2008, who has attained age fifty-five\n(55) and who has attained at least one (1) month of service credit but no more\nthan fifty-nine (59) months of service credit may  elect to receive an annual\nretirement allowance, payable monthly or less frequently as determined by the\nboard, which shall be determined by multiplying his accumulated contributions\nby two (2) and converting this amount to an annual retirement allowance based\non  an annuity rate adopted by the board which would pay the actuarial\nequivalent of twice his accumulated contributions over the lifetime of the retired\nmember.\n(7) Subsections (1) to (6) of this section shall not apply to members  who begin\nparticipating in the system on or after January 1, 2014. Members  who begin\nparticipating in the system on or after January 1, 2014, shall receive the\nretirement benefit calculation prescribed by KRS 16.583.","path":["KRS Chapter 16"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50807","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:37Z","sha256":"58f4b003fe57e77bd80a705a14f968fcae343328d570c406ed376c5e579a85b1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-16.575","next":"us-ky/krs-16.577"},"notice":"GroundRules: Original legal text. Not legal advice."}