{"data":{"id":"us-ky/krs-61.575","jurisdiction":"us-ky","citation":"KRS 61.575","heading":"Members'  account  -- Interest -- Transfer of account  balance to","body":"retirement allowance account.\n(1) The members' account shall be the account to which:\n(a) All members' contributions, or contributions picked up by the employer\nafter August 1, 1982, and interest allowances as provided in KRS  61.510\nto 61.692 shall be credited, except as provided by KRS 61.702(3)(b); and\n(b) For members  who begin participating in the system on or after January 1,\n2014, the employer pay credit and interest credited on such amounts as\nprovided by KRS 16.583 and 61.597 shall be credited.\nOnly  funds from this account shall be used to return the accumulated\ncontributions or accumulated account balances of a member  when required by\nreason of any provision of KRS  61.510 to 61.705. Prior to the member's\nretirement, death, or refund in accordance with KRS  61.625, no funds shall be\nmade  available from the member  account.\n(2) Each member's contribution or contribution picked up by the employer shall be\ncredited to the individual account of the contributing member,  except as\nprovided by KRS 61.702(3)(b).\n(3) (a) Each  member  shall have his or her individual account credited with\ninterest on June 30 of each fiscal year.\n(b) For  a member  who  begins participating before September  1, 2008,\ninterest shall be credited to his or her individual account at a rate\ndetermined by the board but not less than two percent (2%) per annum on\nthe accumulated account balance of the member  on June 30 of the\npreceding fiscal year.\n(c) For a member  who begins participating on or after September 1, 2008,\nbut prior to January 1, 2014, interest shall be credited to his or her\nindividual account at a rate of two and one-half percent (2.5%) per annum\non the accumulated account balance of the member  on June 30 of the\npreceding fiscal year.\n(d) For a member  who begins participating on or after January 1, 2014, in the\nhybrid cash balance plan, interest shall be credited in accordance with\nKRS  16.583 and 61.597.\n(e) The  amounts  of interest credited to a member's  account under this\nsubsection shall be transferred from the retirement allowance account.\n(4) (a) Upon  the retirement of a member  who began participating in the system\nprior to January 1, 2014, his or her accumulated account balance shall be\ntransferred from the members'  account to the retirement allowance\naccount.\n(b) Upon  the retirement of a member  who began participating in the system\non  or after January 1, 2014, who  elects to annuitize his or her\naccumulated  account balance as prescribed by KRS  16.583(7)(a) or\n61.597(7)(a) or (b), the member's accumulated account balance shall be\ntransferred to the retirement allowance account.","path":["KRS Chapter 61"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50827","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:15Z","sha256":"86cffe65d1585431ada539110391bbfef5ffb365370f7b765615f0996b07b48b","source_id":"us-ky","stale":false,"prev":"us-ky/krs-61.570","next":"us-ky/krs-61.580"},"notice":"GroundRules: Original legal text. Not legal advice."}