{"data":{"id":"us-ky/krs-61.652","jurisdiction":"us-ky","citation":"KRS 61.652","heading":"Administration of all excess benefit plans -- Participation in plan --","body":"Determination of benefit amount -- Required contribution of plans.\n(1) The Kentucky Employees Excess Benefit Plan established in KRS  61.663 and\nthe State Police Excess Benefit Plan established in KRS  16.568 shall be\nadministered by the board of trustees of the Kentucky Retirement Systems.\nThe  County Employees Excess Benefit Plan established in KRS  78.652 shall\nbe administered by the board of trustees of the County Employees Retirement\nSystem. Each board shall have the same  authority in its administration as it\nhas in the administration of the Kentucky Employees Retirement System, the\nCounty  Employees  Retirement System, and  the State Police Retirement\nSystem, as applicable.\n(2) The  plans shall constitute qualified governmental excess benefit plans as\nprovided in 26 U.S.C. sec. 415(m).\n(3) All retired members  and beneficiaries of the two (2) retirement systems\nadministered by the Kentucky Retirement Systems and (1) retirement system\nadministered by the County Employees Retirement System, whose effective\nretirement dates are July 1, 1998, or after, and whose retirement allowances\nhave  been limited by 26 U.S.C. sec. 415 shall be participants in the plans.\nEach  member's participation in the plans shall be determined each fiscal year\nand will cease for any year in which the retirement allowance is not limited by\n26 U.S.C. sec. 415.\n(4) A  participant shall receive a benefit equal to the difference between the\nretirement allowance otherwise payable from the system prior to any reduction\nor  limitation required by 26 U.S.C. sec. 415  and  the actual retirement\nallowance payable as limited by 26 U.S.C. sec. 415. The benefit shall be\nsubject to withholding for applicable state and federal taxes. The benefit shall\nbe  paid in accordance with the retirement payment option selected by the\nmember  or beneficiary for the retirement allowance.\n(5) (a) Each board, in accordance with the recommendation of the actuary, shall\ndetermine the required contribution for each plan the respective board\nadministers in order to pay benefits each fiscal year. The  required\ncontribution for each of the three (3) plans in each fiscal year shall be the\ntotal amount of benefits payable under this section to all participants plus\nthe amount required to pay the administrative expenses of the plan and\nthe employer's share of any employment taxes on the benefits paid from\nthe plan.\n(b) The required contribution shall be paid by the participating employers.\n(c) The  required contribution for each plan shall be deposited into the\nseparate fund. The plan is intended to be exempt from federal income tax\nunder 26 U.S.C. sec. 115 and 26 U.S.C. sec. 415(m)(1).\n(d) The  benefit liability of each plan shall be determined on a fiscal year\nbasis, and contributions shall not be accumulated to pay benefits in future\nfiscal years. Any assets of the plans not used to pay benefits in the\ncurrent fiscal year shall be used for payment  of the administrative\nexpenses of the plan for the current or future fiscal years or shall be paid\nto  the appropriate retirement system  as  an  additional employer\ncontribution.\n(6) The benefits payable from the plans shall be treated in accordance with KRS\n61.690.\n(7) The  board shall promulgate administrative regulations to modify the benefits\npayable under the plans as necessary for the plans to be qualified under 26\nU.S.C. sec. 415(m).\n(8) The provisions of this section, and any administrative regulations promulgated\nas a result of this section, shall be applied retroactively to retired members, and\nbeneficiaries, whose effective retirement dates are between July 1, 1998, and\nJuly 14, 2000.","path":["KRS Chapter 61"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=50839","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:15Z","sha256":"1a20f8025e91f93c63f79244af4e0f54f5f0bb40d18cc62244c5f92839950e22","source_id":"us-ky","stale":false,"prev":"us-ky/krs-61.650","next":"us-ky/krs-61.655"},"notice":"GroundRules: Original legal text. Not legal advice."}