{"data":{"id":"us-ky/krs-161.569","jurisdiction":"us-ky","citation":"KRS 161.569","heading":"Effect of election to participate -- Payment of benefits -- Taxation and","body":"attachment of benefits -- Employer contributions.\n(1) Any person electing to participate in the optional retirement plan shall be ineligible\nfor membership in the regular retirement plan of the Kentucky Teachers' Retirement\nSystem for as long as the participant is employed in a position for which the\noptional retirement plan is available, except as provided in KRS 161.568(1).\n(2) Any person electing to participate in the optional retirement plan shall acknowledge\nin writing that the benefits payable to participants are not the obligation of the\nCommonwealth of Kentucky or the Kentucky Teachers' Retirement System, and\nthat these benefits and other rights of the optional retir ement plan are the liability\nand responsibility solely of the designated companies to which contributions have\nbeen made.\n(3) Benefits shall be payable to optional retirement plan participants or their\nbeneficiaries by the designated companies in accordanc e with the contracts issued\nby each company and the retirement plan provisions adopted by each public\ninstitution.\n(4) Annuity contracts issued under the optional retirement plan and all rights of a\nparticipant in the optional retirement plan shall be exem pt from any state, local, or\nmunicipal tax; assessment for the insolvency of any life, health, or casualty\ninsurance company; any levy or sale, garnishment, or attachment; or any process\nwhatsoever, and shall be unassignable except as otherwise specificall y provided by\nthe contracts offered under the optional retirement plan adopted by the respective\npublic institutions of higher education. Except contracts issued and rights accrued in\nthe optional retirement plan on or after January 1, 1998, shall be subje ct to the tax\nimposed by KRS 141.020, to the extent provided in KRS 141.010 and 141.0215.\n(5) Each institution shall contribute for each payroll period of each fiscal year to the\nKentucky Teachers' Retirement System, an amount equal to five and one -tenth\npercent (5.1%) of the total salaries of all persons who elect or elected to participate\nin the optional retirement plan instead of the Kentucky Teachers' Retirement\nSystem. This payment shall continue to be made until June 30, 2018. No\ncontributions shall b e payable on or after July 1, 2018, to the Kentucky Teachers'\nRetirement System for all persons who elect or elected to participate in the optional\nretirement plan instead of the Kentucky Teachers' Retirement System.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=47331","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:11Z","sha256":"49198bce053771aed8db3e792629cd683ada3d40ebc2fbd9459d202f004f1026","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.568","next":"us-ky/krs-161.570"},"notice":"GroundRules: Original legal text. Not legal advice."}