{"data":{"id":"us-ky/krs-6.520","jurisdiction":"us-ky","citation":"KRS 6.520","heading":"Retirement benefits for members who began participating before January 1,","body":"2014.\n(1) A member of the Legislators' Retirement Plan who retires on or after his or her\nnormal retirement date shall receive a service retirement allowance, payable\nmonthly during his or her lifetime, in an amount per month equal to three and fifty\none-hundredths percent (3.50%) of his or her final compensation multiplied by the\nnumber of years of his or her service, but in no event to exceed one hundred percent\n(100%) o f final compensation. For this purpose, \"final compensation\" means the\naverage monthly creditable compensation as determined in KRS 61.510(13) of the\nmember for services as a legislator for the three (3) years during which the member\nhad the highest creditable legislative compensation.\n(2) A member shall have rights, with respect to retirement before reaching normal\nretirement date in the Legislators' Retirement Plan, identical in terms with those\nrights provided in KRS 21.400(2) and (3) in the Judicial Ret irement Plan for\nmembers of that plan, except that the reduction in a legislators' service retirement\nallowance for early retirement shall be at the rate of five percent (5%) of the\nallowance for each year that retirement precedes the normal retirement date.\n(3) Subsections (1) and (2) of this section to the contrary notwithstanding, each\nlegislator in office on July 1, 1982, that is a member of the Legislators' Retirement\nPlan, who retires on or after his or her normal retirement date, shall receive a\nservice retirement allowance, payable monthly, on a formula equal to that of a\njustice or judge of the Court of Justice with an equivalent service entrance date, but\nin no event less than that specified in subsection (1) of this section, of his or her\nfinal compensation multiplied by the number of years of his or her service, but in no\nevent to exceed one hundred percent (100%) of final compensation. For this\npurpose, \"final compensation\" means the average monthly creditable compensation\nas determined in KRS 61 .510(13) of the three (3) years during which the member\nhad the highest creditable legislative compensation.\n(4) Subsections (1) and (2) of this section to the contrary notwithstanding, a member of\nthe Legislators' Retirement Plan with a service entrance d ate after July 1, 1982 but\nprior to January 1, 2014, who retires on or after his or her normal retirement date,\nshall receive a service retirement allowance, payable monthly during his or her\nlifetime, in an amount per month equal to two and seventy -five o ne-hundredths\npercent (2.75%) of his or her final compensation multiplied by the number of years\nof his or her service, but in no event to exceed one hundred percent (100%) of final\ncompensation. For this purpose, \"final compensation\" means the average mon thly\ncreditable compensation as determined in KRS 61.510(13) of the member for\nservices as a legislator for the three (3) years during which the member had the\nhighest creditable legislative compensation.\n(5) Subsections (1) to (4) of this section shall no t apply to members who begin\nparticipating in the Legislators' Retirement Plan on or after January 1, 2014.","path":["KRS Chapter 6"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=52632","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:48:24Z","sha256":"670894958c5ccac4cc7cea183a1841625b2d42ccc72dfb89d434764ebe600216","source_id":"us-ky","stale":false,"prev":"us-ky/krs-6.518","next":"us-ky/krs-6.521"},"notice":"GroundRules: Original legal text. Not legal advice."}