{"data":{"id":"us-ky/krs-67a.520","jurisdiction":"us-ky","citation":"KRS 67A.520","heading":"Contributions by government -- Injunction or mandamus requiring","body":"compliance.\nThe government shall make annual contributions to the fund toward the annuities and\nbenefits provided by KRS 67A.360 to 67A.690 based upon the results of the annual\nactuarial valuation of the fund required by KRS 67A.560(6)(c). These contributions by\nthe government shall be equal to the sum of the normal contribution amount and an\nadditional amount to be known as the actuarially accrued liability contribution amount.\n(1) For purposes of this section, the normal contribution amount shall be an annual\namount that, when combined with all active member contributions to the fund, is\nsufficient to fund the benefits earned during the year.\n(2) For purposes of this section, the actuarially accrued liability contribution amount\nshall be an annual amount that is suff icient to amortize the total unfunded\nactuarially accrued liability of the fund over a period of thirty (30) years, using the\nlevel-dollar amortization method, for a period beginning July 1, 2013, and ending\nJune 30, 2043. The level -dollar amortization method shall be used to determine the\ngovernment's contribution payable on or after July 1, 2013.\n(3) The government contribution to the fund computed under this section shall:\n(a) Be determined using the entry age normal cost method;\n(b) Effective July 1, 20 13, and for each fiscal year thereafter, not be less than\ntwenty million dollars ($20,000,000) annually for the thirty (30) year period\noccurring on or after July 1, 2013, unless the pension fund has an actuarial\nfunding level equal to or greater than one hundred percent (100%) as\ndetermined by the actuarial valuation of the fund, in which case, the\ncontribution payable by the government shall be equal to the normal\ncontribution amount specified by this section; and\n(c) Be fixed by the board annually, in ac cordance with this section and based\nupon the results of the annual actuarial valuation required by KRS 67A.560\n(6)(c), and shall be in effect for a period of one (1) fiscal year. The board shall\nnotify the government of the rates payable under this sectio n following the\nboard's acceptance of the actuarial valuation.\n(4) In addition to other remedies provided by law, any member of the fund or any\nannuitant may obtain in the Circuit Court of any county in which the government is\nlocated an injunction or mand amus requiring the government to comply with this\nsection.","path":["KRS Chapter 67A"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=41668","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:28Z","sha256":"2dae734f44f2f965565e485654be9462aaa5f6e0312a30d578adfe16415e3bc1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-67a.510","next":"us-ky/krs-67a.530"},"notice":"GroundRules: Original legal text. Not legal advice."}