{"data":{"id":"us-ky/krs-161.567","jurisdiction":"us-ky","citation":"KRS 161.567","heading":"Authorization for optional retirement plan for designated employees of","body":"certain public universities.\n(1) An optional retirement plan is hereby authorized for designated employees of public\npostsecondary education institutions who are also eligible for membership in the\nKentucky Teachers' Retirement System under KRS 161.220(4)(b) and 161.470(1).\nThe purpose of the optional retirement plan shall be to provide suitable retirement\nand death benefits, while affording the maximum portability of these benefits  to the\neligible employees as an alternative to membership in the retirement system.\nBenefits shall be provided by the purchase of annuity contracts, mutual fund\naccounts, or similar investment products, or a combination thereof, collectively\nreferred to a s contracts or annuity contracts, at the option of the participant and\noffered by the selected provider for plans established under Section 403(b) of the\nInternal Revenue Code. The specific provisions of provider contracts with respect to\nthe benefits paya ble to members and their beneficiaries shall prevail over specific\nprovisions relating to the same subjects found in KRS 161.220 to 161.716, other\nthan this section.\n(2) The boards of regents of those institutions identified in KRS 161.220(4)(b) shall\nselect no less than two (2) but no more than four (4) companies from which to\npurchase contracts under the optional retirement plan. As criteria for this selection,\nthe boards of regents shall consider, among other things, and as appropriate for the\ntype of contract provider, the following:\n(a) The portability of the contracts offered or to be offered by a company, based\non the number of states in which the company provides contracts under\nsimilar plans;\n(b) The efficacy of the contracts in the recruitment and retention of employees for\nthe various state public postsecondary education institutions;\n(c) The nature and extent of the rights and benefits to be provided by the contracts\nfor participating employees and their beneficiaries;\n(d) The relation of the rights and benefits to the amount of contributions required;\n(e) The suitability of the rights and benefits to the needs and interests of eligible\nemployees and the various state public postsecondary education institutions;\nand\n(f) The ability of the designate d companies to provide the rights and benefits\nunder those contracts.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=3947","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:11Z","sha256":"be8d27e58ec50891619018001026043b183659a04335353c9f004c416ca5a845","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.565","next":"us-ky/krs-161.568"},"notice":"GroundRules: Original legal text. Not legal advice."}