{"data":{"id":"us-ky/krs-161.615","jurisdiction":"us-ky","citation":"KRS 161.615","heading":"Limited defined contribution plan -- Purpose -- Administration --","body":"Eligibility -- Payments.\n(1) The board of trustees is authorized to implement a limited defined contribution plan\nfor the sole purpose of providing retirement allowance payment s for retired\nmembers who have been approved by the retirement system for full -time\nreemployment as provided in KRS 161.605.\n(2) The defined contribution plan shall be administered separately from the regular\nbenefits provided for members of the retirement  system, except that the\ncontributions to the plan shall be invested in the same manner as other contributions\nto the retirement system.\n(3) The provisions of this section apply only to those retired members who were\npermitted to return to work under the c ritical shortage provisions of KRS\n161.605(7) as they existed on June 30, 2002. The provisions of this section shall not\napply to any retired member returning to work on or after July 1, 2002.\n(4) Separate member accounts shall be maintained for participan ts in this plan which\nshall reflect the annual contributions made to the participant's account based on the\nrates and interest levels specified in KRS 161.605.\n(5) When the retiree's reemployment terminates, the total contributions and accrued\ninterest in the participant's account will be paid in a lump -sum payment or on an\nactuarial straight life monthly basis to the retiree. If the member dies prior to\nmaking application for a retirement allowance under this plan, the beneficiary\ndesignated by the partici pant for this plan shall receive a refund of the funds in the\naccount. If there is a remaining balance in the account at the death of the participant\nafter retirement from this plan, it shall be paid to the beneficiary designated by the\nparticipant for this benefit.\n(6) Retired members shall be eligible to receive their retirement annuity when approved\nfor reemployment and participation in this plan. Service as a reemployed retiree\nmay not be used in any manner for credit under the regular retirement benefi t plans\nprovided by the retirement system.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51822","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:11Z","sha256":"570912d49c9d3cfb200d3a7f60a6555c852b3310b1d2a0c4890076ff4ad6ef08","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.614","next":"us-ky/krs-161.620"},"notice":"GroundRules: Original legal text. Not legal advice."}