{"data":{"id":"us-ky/krs-16.584","jurisdiction":"us-ky","citation":"KRS 16.584","heading":"Employer pay credits for members in hybrid cash balance plan -- Report --","body":"Reduction of accumulated sick leave -- Funding in executive branch budget.\n(1) Subject to the limitations and requirements provided by this section, the following\nshall apply to members of the State Police Retirement System who are eligible for\nbenefits from the hybrid cash balance plan established by KRS 16.583:\n(a) Within thirty (30) days following the close of each fiscal year ending on or\nafter June 30, 2023, members participating in the State Police Retirement\nSystem in the hybrid cash balance plan who have five (5) or more years of\nservice credited under KRS 16.543(1), 61.543(1), and 78.615(1), shall receive\nan employer pay credit under KRS 16.583(2)(b)2. equal to an  amount\ndetermined by multiplying the member's hours of accumulated sick leave in\nexcess of four hundred eighty (480) hours as of the most recently completed\nfiscal year by the member's hourly base pay determined under KRS 16.052,\nincluding any annual adju stments provided by KRS 16.052(6). The member's\nhourly base pay shall not include any payments for overtime or any salary\nsupplement received from the Law Enforcement Foundation Program\nestablished pursuant to KRS 15.410 to 15.510; and\n(b) Effective July 1 , 2023, members with an account in the hybrid cash balance\nplan who retire from the State Police Retirement System shall receive an\nemployer pay credit under KRS 16.583(2)(b)2. equal to an amount determined\nby multiplying the member's hours of accumulated sick leave upon\ntermination of employment by the member's hourly base pay determined\nunder KRS 16.052, including any annual adjustments provided by KRS\n16.052(6). The member's hourly base pay shall not include any payments for\novertime or any salary supple ment received from the Law Enforcement\nFoundation Program established pursuant to KRS 15.410 to 15.510.\n(2) The Department of Kentucky State Police shall report the information required by\nthe Kentucky Public Pensions Authority to carry out the provisions of this section\nand shall reduce the member's accumulated sick leave by the amount of sick leave\nconverted to an employer pay credit pursuant to this section.\n(3) The provisions of KRS 16.583(2)(b)2. and this section are subject to funding for the\nbenefit in the executive branch budget. In the event funding for this additional\nemployer credit is not provided in the executive branch budget, no employer credits\nfor accumulated sick leave shall be provided during the period the budget is\neffective.","path":["KRS Chapter 16"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=53365","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:37Z","sha256":"43be7a033227ff5f55c567a7070572c6e6cdbc390486a12769d7bec138837003","source_id":"us-ky","stale":false,"prev":"us-ky/krs-16.583","next":"us-ky/krs-16.585"},"notice":"GroundRules: Original legal text. Not legal advice."}