{"data":{"id":"us-ky/krs-61.595","jurisdiction":"us-ky","citation":"KRS 61.595","heading":"Annual retirement allowance -- Limitations.","body":"(1) Effective July 1, 1990, upon  retirement at normal retirement date or\nsubsequent thereto, a Kentucky Employees Retirement System member  may\nreceive an annual retirement allowance, payable monthly during his or her\nlifetime, which shall consist of an amount  equal to one and ninety-seven\nhundredths percent (1.97%) of final compensation multiplied by the number of\nyears of service credit, except that:\n(a) Effective February 1, 1999, a member  of the Kentucky Employees\nRetirement  System  who  was  participating in  one  (1) of  the\nstate-administered retirement systems as of January 1, 1998, and\ncontinues to participate through January 1, 1999, shall receive an annual\nretirement allowance, payable monthly during his or her lifetime, which\nshall consist of an  amount  equal to two  percent (2%)  of final\ncompensation multiplied by the number of years of service credit. Any\nKentucky Employees Retirement System member  whose effective date of\nretirement is between February 1, 1999, and January 31, 2009, and who\nhas  at least twenty (20) years of service credit in one (1) of the\nstate-administered retirement systems and who was participating in one\n(1) of the state-administered retirement systems as of January 1, 1998,\nand  continues to participate through January 1, 1999, shall receive an\nannual retirement allowance, payable monthly during his or her lifetime,\nwhich shall consist of an amount equal to two and two-tenths percent\n(2.2%) of final compensation multiplied by the number of years of service\ncredit. Notwithstanding the provisions of KRS  61.565, the funding for this\nparagraph  shall be  provided from existing funds of the retirement\nallowance account;\n(b) The  annual normal retirement allowance for members  of the General\nAssembly, who serve during the 1974 or 1976 General Assembly, and will\nhave eight (8) years or more of total legislative service as of January 6,\n1978, shall not be less than two hundred forty dollars ($240) multiplied by\nthe number of years of service as a member  of the General Assembly;\n(c) For  a member  of the Kentucky Employees  Retirement System  who\nbegins participating on or after September 1, 2008, the annual retirement\nallowance upon retirement shall be equal to:\n1. a. One  and one-tenth percent (1.1%) of final compensation for\neach year of service if the member  has earned ten (10) or less\nyears of service at retirement;\nb. One  and three-tenths percent (1.3%) of final compensation for\neach year of service if the member  has earned greater than ten\n(10) but no  more  than twenty (20) years of service at\nretirement;\nc. One  and one-half percent (1.5%) of final compensation for\neach year of service if the member  has earned greater than\ntwenty (20) but no more than twenty-six (26) years of service at\nretirement; or\nd. One  and three-quarters percent (1.75%) of final compensation\nfor each year of service if the member  has earned greater than\ntwenty-six (26) but no more than thirty (30) years of service at\nretirement; and\n2. Two  percent (2.0%) of final compensation for each year of service\nearned in excess of thirty (30) years of service at retirement;\n(d) The  annual normal retirement allowance for members  of the General\nAssembly  who  will have fewer than eight (8) years of service as of\nDecember  31, 1975, shall be as prescribed in Chapter 116, section 36(1),\nActs of the 1972 General Assembly for legislative service prior to January\n1, 1974;\n(e) Former members  of the General Assembly who have eight (8) or more\nyears of legislative service prior to the 1976 Regular Session are eligible\nfor an increased retirement allowance of two hundred forty dollars ($240)\ntimes the years of legislative service, if the member  pays to the Kentucky\nEmployees  Retirement System thirty-five percent (35%) of the actuarial\ncost of the higher benefit, as determined by the system, except that a\nformer member  with sixteen (16) or more years of legislative service, or\nhis or her beneficiary, who is receiving a retirement allowance, also is\neligible under this section and may apply for a recomputation of his or her\nretirement allowance. The employer's share of sixty-five percent (65%) of\nthe computed actuarial cost shall be paid from the State Treasury to the\nKentucky Employees Retirement System upon presentation of a properly\ndocumented  claim to the Finance and Administration Cabinet. If any\nmember  with sixteen (16) or more years of legislative service previously\napplied for and is receiving a retirement allowance, he or she may reapply\nand his or her retirement allowance shall be recomputed in accordance\nwith this paragraph, and he or she shall thereafter be paid in accordance\nwith the option selected by him or her at the time of the reapplication; and\n(f) The  annual normal retirement allowance for a member  with ten (10) or\nmore years of service, in the Kentucky Employees Retirement System, at\nleast one (1) of which is current service, shall not be less than five\nhundred twelve dollars ($512).\n(2) (a) Upon  service retirement prior to normal retirement date, a member  may\nreceive an annual retirement allowance payable monthly during his or her\nlifetime which shall be determined in the same manner as for retirement\nat his or her normal retirement date with years of service and final\ncompensation  being determined as of the date of his or her actual\nretirement, but the amount of the retirement allowance so determined\nshall be reduced at an amount determined by the board's actuary to\nreflect the earlier commencement  of benefits.\n(b) A  member  of the Kentucky Employees Retirement System who begins\nparticipating before September 1, 2008, who has twenty-seven (27) or\nmore  years of service credit, at least fifteen (15) of which are current\nservice, may  retire with no reduction in the retirement allowance. A\nmember  who begins participating before September 1, 2008, who has\nearned  vested service credit in a retirement system, other than the\nTeachers' Retirement System, sponsored by a Kentucky institution of\nhigher education, the Council on Postsecondary Education, or the Higher\nEducation Assistance Authority, may  count the vested service toward\nattaining the necessary years of service credit as provided in KRS\n61.559(2)(c) and (d) to qualify for a retirement allowance. The credit from\na Kentucky institution of higher education, the Council on Postsecondary\nEducation, or the Higher Education Assistance Authority shall not be used\ntoward the minimum fifteen (15) years of current service required by KRS\n61.559(2)(c) and (d) or to calculate his or her retirement allowance\npursuant to this section. The provisions of this paragraph shall not be\nconstrued to limit the use of Teachers' Retirement System credit pursuant\nto KRS 61.680(2)(a).\n(c) A  member  of the Kentucky Employees Retirement System who begins\nparticipating on or after September 1, 2008, may retire with no reduction\nin benefits if the member  is fifty-seven (57) years of age or older and has\nan age and years of service total of at least eighty-seven (87) years. The\nyears of service used to determine eligibility for an unreduced retirement\nallowance under this paragraph shall only include years of service\ncredited under KRS  16.543(1), 61.543(1), or 78.615(1) or another\nstate-administered retirement system.\n(3) Subsections (1) and (2) of this section shall not apply to members  who begin\nparticipating in the system on or after January 1, 2014. Members  who begin\nparticipating in the system on or after January 1, 2014, shall receive the\nretirement benefits prescribed by KRS 61.597.","path":["KRS Chapter 61"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50830","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:15Z","sha256":"29324150afc71a4aa9bd9ea13fb99738f5c5989b9d08b782e00d65c30a2f4bba","source_id":"us-ky","stale":false,"prev":"us-ky/krs-61.593","next":"us-ky/krs-61.5955"},"notice":"GroundRules: Original legal text. Not legal advice."}