{"data":{"id":"us-ky/krs-61.599","jurisdiction":"us-ky","citation":"KRS 61.599","heading":"Calculation of retirement allowance for members of Kentucky Employees","body":"Retirement System.\n(1) The annual retirement allowance for a member of the Kentucky Employees\nRetirement System shall not exceed the maximum benefit as set forth in the Internal\nRevenue Code.\n(2) (a) The retirement allowance for a member of the Kentucky Employees\nRetirement System shall be calculated by using the member's known\ncreditable compensation prior to his or her last month's employment and an\nestimate of his or her creditab le compensation during the last month he or she\nwas employed. Based upon this calculation, the State Treasurer shall be\nrequested to issue the initial retirement payment.\n(b) A new calculation shall be made when the official report has been received of\nthe member's creditable compensation during his or her last month's\nemployment. However, the retirement allowance determined in accordance\nwith paragraph (a) of this subsection shall be the official retirement allowance\nunless the new calculation derives an amount which is two dollars ($2) greater\nor less than the amount of the initial retirement payment. If the member or\nbeneficiary chose an actuarial equivalent refund payment option, the amount\nof estimated retirement allowance shall be the official retireme nt allowance\nunless the new calculation produces an amount which is one hundred dollars\n($100) greater or less than the amount of the initial retirement payment.","path":["KRS Chapter 61"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=42639","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:15Z","sha256":"f342b3e74cc7c129932802144d4db5090e217744d39ea7c29d2350e6d4675bb3","source_id":"us-ky","stale":false,"prev":"us-ky/krs-61.598","next":"us-ky/krs-61.5991"},"notice":"GroundRules: Original legal text. Not legal advice."}