{"data":{"id":"us-ky/krs-161.568","jurisdiction":"us-ky","citation":"KRS 161.568","heading":"Eligibility to participate in optional retirement plan -- Election to change","body":"from optional retirement plan to Kentucky Teachers' Retirement System.\n(1) Eligibility to participate in the optional retirement plan shall be determined by the\nboard of regents of each of the state public postsecondary education institutions\nidentified in KRS 161.220(4)(b). The employees of these institutions of higher\neducation who are initially employed on or after the implementation date of the\noptional retirement  plan may make an election to participate in the optional\nretirement plan within thirty (30) days after their employment date. This election\nshall be irrevocable except as otherwise provided in this subsection. No member of\nthe Kentucky Teachers' Retiremen t System who terminates employment and is\nsubsequently reemployed by the same or another public postsecondary education\ninstitution which participates in the Kentucky Teachers' Retirement System may be\neligible to elect to participate in the optional retir ement plan unless the date of\nreemployment is at least six (6) months after the date of termination. All elections\nmade under this subsection shall be in writing and shall be filed with the\nappropriate officer of the employer institution. Persons who origi nally elected to\nparticipate in the optional retirement plan may later change their elections only as\nfollows:\n(a) Any person otherwise eligible for membership in the Kentucky Teachers'\nRetirement System may irrevocably elect one (1) time during his or her\nlifetime to change his or her election and to prospectively participate in the\nKentucky Teachers' Retirement System. This election to change from the\noptional retirement plan to Kentucky Teachers' Retirement System shall be\neffective beginning on the firs t day of the first month immediately following\nthe date that written application for the election is received in the retirement\nsystem's office on forms prescribed by the system. Any person exercising this\nelection shall not be entitled to purchase as serv ice credit in the Kentucky\nTeachers' Retirement System any prior service with his or her postsecondary\neducation institution employer;\n(b) Any person otherwise eligible for membership in the Kentucky Teachers'\nRetirement System who previously elected to pa rticipate in the optional\nretirement plan may irrevocably elect one (1) time within his or her first six\n(6) years and six (6) months of continuous service in any one (1) or more of\nthe institutions identified in KRS 161.220(4)(b), to change his or her ele ction\nand to prospectively participate in the Kentucky Teachers' Retirement System\nand also become eligible to purchase as service credit his or her prior service\nwith his or her postsecondary education employer. This election to change\nfrom the optional r etirement plan to the Kentucky Teachers' Retirement\nSystem shall be effective beginning on the first day of the first month\nimmediately following the date that written application for the election is\nreceived in the retirement system's office on forms pres cribed by the\nretirement system. Persons electing to change from the optional retirement\nplan to the Kentucky Teachers' Retirement System may purchase service\ncredit only for their prior years of service for a postsecondary education\ninstitution identified in KRS 161.220(4)(b) during which they participated in\nthe optional retirement plan. The election to purchase prior service as service\ncredit shall be received in the retirement system's office on forms prescribed\nby the retirement system within the six ( 6) year and six (6) month period\nprovided to make the election to begin participation in the Kentucky Teachers'\nRetirement System. The cost of purchasing this service shall be calculated by\nadding both the employer and member contributions that would have been\npaid to the Kentucky Teachers' Retirement System had the individual\npurchasing this service participated in the Kentucky Teachers' Retirement\nSystem instead of the optional retirement plan, less the amount contributed to\nthe Kentucky Teachers' Retirem ent System by the postsecondary education\ninstitution as provided by KRS 161.569(5), or KRS 161.569(5)(a)2. as it\nexisted on June 30, 2007. Interest at Kentucky Teachers' Retirement System's\nactuarially assumed rate shall be paid on these net contributions  by the person\nelecting to change to the Kentucky Teachers' Retirement System from the\noptional retirement plan. These payments shall not be picked up as described\nin KRS 161.540(2). Persons who elect to change from the optional retirement\nplan to the Kent ucky Teachers' Retirement System may elect to purchase as\nservice credit, beginning with the most recent years, any portion of their prior\nyears of service during which time they participated in the optional retirement\nplan, or none of those years. Members  may purchase service credit for prior\nyears of service by rolling over funds from their optional retirement plan\naccount as provided under KRS 161.5461, or by rolling over or transferring\nother plan funds as permitted by the rules set forth in the Interna l Revenue\nCode, or by making an after-tax lump-sum cash payment;\n(c) Effective July 1, 2008, persons otherwise eligible for membership in the\nKentucky Teachers' Retirement System may irrevocably elect one (1) time to\nchange their election and to prospectiv ely participate in the Kentucky\nTeachers' Retirement System and purchase service credit for their prior years\nof service during which they participated in the optional retirement plan. This\nelection shall be filed in writing with the Kentucky Teachers' Ret irement\nSystem no later than December 31, 2008. Persons who change their election\nprior to July 1, 2008, to prospectively participate in the Kentucky Teachers'\nRetirement System may purchase service credit for their prior years of service\nduring which they  participated in the optional retirement plan. The purchase\nof prior years of service under this paragraph shall be subject to the same\nconditions and purchase costs as described in paragraph (b) of this subsection,\nexcept that the election to purchase ser vice credit shall be on file with the\nKentucky Teachers' Retirement System no later than December 31, 2008; and\n(d) Persons electing to change to the Kentucky Teachers' Retirement System\nunder paragraphs (a), (b), and (c) of this subsection shall be eligib le to\nparticipate, based upon their age and allowable service credit, in the disability,\nsurvivorship, and medical insurance programs under the conditions and in the\ndegree as they exist on the date that they file their election with the retirement\nsystem, but shall be subject to any changes to those programs from that date\nforward, including any changes that may affect their eligibility for or degree of\nparticipation in those programs. Prior service purchased as service credit as\npermitted under paragraphs  (b) and (c) of this subsection shall not be\nconsidered for meeting eligibility requirements or determining the extent of\nparticipation in these programs. Persons electing to change to the Kentucky\nTeachers' Retirement System shall not be eligible for the survivorship or\ndisability programs based upon medical conditions that existed prior to the\nfiling of their elections.\n(2) Elections of eligible employees hired on or after the implementation date of the\noptional retirement plan at their employer instituti on shall be effective on the date\nof their employment. If an eligible employee hired subsequent to the\nimplementation date at the employer institution fails to make the election provided\nfor in this section, the employee shall become a member of the regula r retirement\nplan of the Kentucky Teachers' Retirement System.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51815","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:11Z","sha256":"80867472df783d0f3030262d2e3b625a5ae0b159bef6a385007799aef0f3a620","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.567","next":"us-ky/krs-161.569"},"notice":"GroundRules: Original legal text. Not legal advice."}