{"data":{"id":"us-ky/krs-21.565","jurisdiction":"us-ky","citation":"KRS 21.565","heading":"Administration and assets of plan created under KRS 21.567.","body":"(1) The Kentucky Judicial Retirement Plan excess benefit plan established in KRS\n21.567 shall be administered by the board of trustees of the Kentucky Judicial Form\nRetirement System. The board shall have the same authority in its administration as\nit has in the administration of the Kentucky Judicial Retirement Plan.\n(2) The plan shall constitute a qualified governmental excess benefit plan as provided\nin 26 U.S.C. sec. 415(m).\n(3) All retired members and beneficiaries of the Kentucky Judicial Retirement Plan\nwhose effective retirement dates are July 1, 1998, or after, and whose retirement\nallowances have been limited by 26 U.S.C. sec. 415 shall be participants in the plan.\nEach member's participation in the plan shall be determined each fiscal year and\nshall c ease for any year in which the retirement allowance is not limited by 26\nU.S.C. sec. 415.\n(4) A participant shall receive a benefit equal to the difference between the retirement\nallowance otherwise payable from the plan prior to any reduction or limitatio n\nrequired by 26 U.S.C. sec. 415 and the actual retirement allowance payable as\nlimited by 26 U.S.C. sec. 415. The benefit shall be subject to withholding for\napplicable state and federal taxes. The benefit shall be paid in accordance with the\nretirement payment option selected by the member for the retirement allowance.\n(5) (a) The board, in accordance with the recommendation of the actuary, shall\ndetermine the required contribution to pay benefits each fiscal year. The\nrequired contribution for each fisca l year shall be the total amount of benefits\npayable under this section to all participants plus the amount required to pay\nany employment taxes on the benefits paid from the plan.\n(b) The required contribution shall be paid from state appropriations.\n(c) The required contribution shall be deposited into the separate fund. The plan\nis intended to be exempt from federal income tax under 26 U.S.C. sec. 115\nand 26 U.S.C. sec. 415 (m)(1).\n(d) The benefit liability shall be determined on a fiscal year basis, and\ncontributions shall not be accumulated to pay benefits in future fiscal years.\nAny assets not used to pay benefits in the current fiscal year shall be paid to\nthe Retirement Plan.\n(6) The benefits payable from the plan shall be treated in accordance with KRS 21.470.","path":["KRS Chapter 21"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=20522","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:42Z","sha256":"f4d7fe5aa79102a058e9a6f2330594b2d7fa6c8170e189d0df7268bfdaf764b5","source_id":"us-ky","stale":false,"prev":"us-ky/krs-21.560","next":"us-ky/krs-21.567"},"notice":"GroundRules: Original legal text. Not legal advice."}