{"data":{"id":"us-ky/krs-21.374","jurisdiction":"us-ky","citation":"KRS 21.374","heading":"Election by member  participating in the Legislators' Retirement Plan","body":"or the Judicial Retirement Plan  on or after September  1, 2008, but before\nJanuary  1, 2014 -- Participation in hybrid cash balance plan -- Private\nletter ruling -- Administrative regulations.\nNotwithstanding KRS 6.500 to 6.577 and 21.345 to 21.580:\n(1) Subject to the provisions of this section, any member  who began participating\nin the Legislators' Retirement Plan or the Judicial Retirement Plan on or after\nSeptember 1, 2008, but prior to January 1, 2014, may in lieu of the benefits he\nor she is currently eligible to receive under the plans, elect to receive the\nbenefits and rights provided to members  who  began  participating in the\nLegislators' Retirement Plan or the Judicial Retirement Plan on or after January\n1, 2014, including participating in the hybrid cash balance plan created\npursuant to KRS 21.402;\n(2) The  election provided by this section shall be made  in writing and on a form\nprescribed by the Judicial Form Retirement System board;\n(3) For each member  who makes an election provided by this section:\n(a) Any  service credit the member  has accrued prior to January 1, 2014,\nshall be considered as service credit earned on or after January 1, 2014,\nfor purposes of determining benefits under KRS  6.500 to 6.577 and\n21.345 to 21.580;\n(b) On  the member's effective election date, the value of the member's\naccumulated contributions, less any interest, shall be deposited into the\nmember's  hybrid cash balance account as provided by KRS  21.402 and\nconsidered part of the member's accumulated account balance;\n(c) On  the member's effective election date, an employer pay credit as\nprovided by KRS  21.402 shall be added to the member's accumulated\naccount  balance for each  month  the member  contributed to the\nLegislators' Retirement Plan or the Judicial Retirement Plan prior to his or\nher effective election date; and\n(d) Interest credits as provided by KRS  21.402 shall only be applied for\nperiods occurring on or after the member's effective election date;\n(4) Before accepting an election provided by this section, the Judicial Form\nRetirement System board shall provide the member  with information detailing\nthe potential results of the member's election;\n(5) An election made pursuant to this section shall be irrevocable; and\n(6) (a) A member  of the Legislators' Retirement Plan or the Judicial Retirement\nPlan shall not be eligible to make an election prescribed by this section\nuntil the Judicial Form Retirement System receives a favorable private\nletter ruling from the Internal Revenue Service regarding this section.\n(b) If the Internal Revenue  Service denies the request for a private letter\nruling as provided by paragraph (a) of this subsection, this section shall\nbe void.\n(c) The  Judicial Form  Retirement System may  promulgate administrative\nregulations under KRS Chapter 13A in order to carry out this section.","path":["KRS Chapter 21"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50814","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:41Z","sha256":"a39bad85d75bfaa9161c4453ff8d233f531dc63d4c060efc4b1fc0a84d43745f","source_id":"us-ky","stale":false,"prev":"us-ky/krs-21.372","next":"us-ky/krs-21.375"},"notice":"GroundRules: Original legal text. Not legal advice."}