21.385 Payment of benefits while continuing in service -- Multiple retirements by
one person.
(1) In a situation in which, by reason of federal tax law, the failure to commence the
payment of retirement benefits to a vested member of the Kentucky Judicial <br>Retirement Plan, by a specified date after the member reaches a specified age, as <br>designated by the federal tax law, will result in the imposition of a special excise <br>tax, the member, without retiring, shall be entitled, as of the specified date, to <br>commence drawing from the plan the monthly benefit he would have been entitled <br>to had he retired on that date. Notwithstanding the provisions of KRS 21.360 and <br>61.680, the member, at his option, may continue to be a participating member of the <br>plan thereafter until he retires, or, may elect to cease to be a participating member of <br>the plan, in which latter event he shall not be required to become a participating <br>member of the Kentucky Employees Retirement System.
(2) A member drawing benefits from the Kentucky Judicial Retirement Plan pursuant
to subsection (1) of this section who elects to continue as a participating member of <br>the plan, or a person drawing benefits from the plan by reason of having retired, <br>who by reason of reemployment again becomes a participating member of the plan, <br>shall continue to draw the benefits until he retires, and accrue additional benefits, <br>but in the calculation of the additional benefits only the years of service after he <br>commenced drawing the initial benefits shall be counted, and the monthly <br>additional benefit shall not exceed such amount as, when added to the initial <br>monthly benefit, will equal the final compensation on which the additional benefit <br>was calculated. The member's surviving spouse, if married to the member at the <br>time of his ultimate retirement, shall be considered to be the surviving spouse with <br>respect to both the additional and the initial benefits.
Effective: July 15, 1988 <br>History: Created 1988 Ky. Acts ch. 299, sec. 1, effective July 15, 1988.
21.385 Payment of benefits while continuing in service -- Multiple retirements by
one person.
(1) In a situation in which, by reason of federal tax law, the failure to commence the
payment of retirement benefits to a vested member of the Kentucky Judicial <br>Retirement Plan, by a specified date after the member reaches a specified age, as <br>designated by the federal tax law, will result in the imposition of a special excise <br>tax, the member, without retiring, shall be entitled, as of the specified date, to <br>commence drawing from the plan the monthly benefit he would have been entitled <br>to had he retired on that date. Notwithstanding the provisions of KRS 21.360 and <br>61.680, the member, at his option, may continue to be a participating member of the <br>plan thereafter until he retires, or, may elect to cease to be a participating member of <br>the plan, in which latter event he shall not be required to become a participating <br>member of the Kentucky Employees Retirement System.
(2) A member drawing benefits from the Kentucky Judicial Retirement Plan pursuant
to subsection (1) of this section who elects to continue as a participating member of <br>the plan, or a person drawing benefits from the plan by reason of having retired, <br>who by reason of reemployment again becomes a participating member of the plan, <br>shall continue to draw the benefits until he retires, and accrue additional benefits, <br>but in the calculation of the additional benefits only the years of service after he <br>commenced drawing the initial benefits shall be counted, and the monthly <br>additional benefit shall not exceed such amount as, when added to the initial <br>monthly benefit, will equal the final compensation on which the additional benefit <br>was calculated. The member's surviving spouse, if married to the member at the <br>time of his ultimate retirement, shall be considered to be the surviving spouse with <br>respect to both the additional and the initial benefits.
Effective: July 15, 1988 <br>History: Created 1988 Ky. Acts ch. 299, sec. 1, effective July 15, 1988.
21.385 Payment of benefits while continuing in service -- Multiple retirements by
one person.
(1) In a situation in which, by reason of federal tax law, the failure to commence the
payment of retirement benefits to a vested member of the Kentucky Judicial <br>Retirement Plan, by a specified date after the member reaches a specified age, as <br>designated by the federal tax law, will result in the imposition of a special excise <br>tax, the member, without retiring, shall be entitled, as of the specified date, to <br>commence drawing from the plan the monthly benefit he would have been entitled <br>to had he retired on that date. Notwithstanding the provisions of KRS 21.360 and <br>61.680, the member, at his option, may continue to be a participating member of the <br>plan thereafter until he retires, or, may elect to cease to be a participating member of <br>the plan, in which latter event he shall not be required to become a participating <br>member of the Kentucky Employees Retirement System.
(2) A member drawing benefits from the Kentucky Judicial Retirement Plan pursuant
to subsection (1) of this section who elects to continue as a participating member of <br>the plan, or a person drawing benefits from the plan by reason of having retired, <br>who by reason of reemployment again becomes a participating member of the plan, <br>shall continue to draw the benefits until he retires, and accrue additional benefits, <br>but in the calculation of the additional benefits only the years of service after he <br>commenced drawing the initial benefits shall be counted, and the monthly <br>additional benefit shall not exceed such amount as, when added to the initial <br>monthly benefit, will equal the final compensation on which the additional benefit <br>was calculated. The member's surviving spouse, if married to the member at the <br>time of his ultimate retirement, shall be considered to be the surviving spouse with <br>respect to both the additional and the initial benefits.
Effective: July 15, 1988 <br>History: Created 1988 Ky. Acts ch. 299, sec. 1, effective July 15, 1988.
