{"data":{"id":"us-ky/krs-61.5955","jurisdiction":"us-ky","citation":"KRS 61.5955","heading":"Election by member  participating in KERS,  CERS,  or SPRS  on or","body":"after September  1, 2008, but before January 1, 2014 -- Participation in\nhybrid  cash  balance  plan -- Private letter ruling -- Administrative\nregulations -- Restriction.\nNotwithstanding any provision of KRS  16.505 to 16.652, 61.510 to 61.705, and\n78.510 to 78.852 to the contrary:\n(1) Subject to the provisions of this section, any member  who began participating\nin the Kentucky Employees  Retirement System, the County Employees\nRetirement System, or the State Police Retirement System  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 from the systems, elect to receive the\nbenefits and rights provided to members  who  began  participating in the\nsystems on or after January 1, 2014, including participating in the hybrid cash\nbalance plan created pursuant to KRS  61.597 or 78.5512 for members  in\nnonhazardous  duty positions or pursuant to KRS  16.583 or 78.5516 for\nmembers  in hazardous duty positions, as applicable;\n(2) The  election provided by this section shall be made  in writing and on a form\nprescribed by the Kentucky Public Pensions Authority and shall apply to all\nservice or accounts in the Kentucky Retirement Systems  or the County\nEmployees Retirement System;\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  16.505 to 16.652, 61.510\nto 61.705, and 78.510 to 78.852;\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  16.583,\n61.597, 78.5512, or 78.5516, as applicable, and considered part of the\nmember's accumulated account balance;\n(c) On  the member's effective election date, an employer pay credit as\nprovided by KRS  16.583, 61.597, 78.5512, or 78.5516, as applicable,\nshall be added to the member's accumulated account balance for each\nmonth  the member  contributed to the Kentucky Employees Retirement\nSystem, the County Employees Retirement System, or the State Police\nRetirement System prior to his or her effective election date; and\n(d) Interest credits as provided by KRS  16.583, 61.597, 78.5512, or 78.5516,\nas applicable, shall only be applied for periods occurring on or after the\nmember's effective election date;\n(4) Before accepting an election provided by this section, the Kentucky Public\nPensions Authority shall provide the member  with information detailing the\npotential results of the member's election;\n(5) An election made pursuant to this section shall be irrevocable;\n(6) (a) A  member  of the Kentucky Employees Retirement System, the County\nEmployees  Retirement System, or the State Police Retirement System\nshall not be eligible to make an election prescribed by this section until\nthe Kentucky Retirement Systems  receives a favorable private letter\nruling 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  Kentucky Public Pensions Authority may promulgate administrative\nregulations under KRS Chapter 13A in order to carry out this section; and\n(7) This section shall not apply to retirees who  were reemployed on or after\nSeptember  1, 2008, and who  are not eligible to participate in the systems\nduring reemployment.","path":["KRS Chapter 61"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50816","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:15Z","sha256":"6cb36aa01f1dd322af5782c1e84c1625813b80bc5d1fde5000b580c36488dcbf","source_id":"us-ky","stale":false,"prev":"us-ky/krs-61.595","next":"us-ky/krs-61.5956"},"notice":"GroundRules: Original legal text. Not legal advice."}