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61.5525 Method for determining purchase of service credit -- Exceptions.
(1) Effective July 1, 2001, purchase of service under the provisions of KRS 16.505 to
16.652, 61.510 to 61.705, and 78.510 to 78.852, except as provided in subsection <br>(2) of this section, shall be determined by multiplying the higher of the employee's <br>current rate of pay, final rate of pay, or final compensation as of the end of the <br>month in which the purchase is made times the actuarial factor times the number of <br>years of service being purchased. Effective September 1, 2008, the actuarial factor <br>used to determine the cost of purchasing service credit shall assume the earliest date <br>the member may retire without a reduction in benefits and the cost-of-living <br>adjustments provided to members upon retirement under KRS 61.691.
(2) This provision shall not apply to KRS 61.552(1) and (23) or 61.592(3)(c). <br>(3) Service purchased on or after August 1, 2004, under the provisions of KRS 16.505
to 16.652, 61.510 to 61.705, and 78.510 to 78.852, except for service purchased <br>under KRS 61.552(1) and (23), shall not be used to determine eligibility for or the <br>amount of the monthly insurance contribution under KRS 61.702.
(4) For a member whose participation begins on or after August 1, 2004, service
purchased under the provisions of KRS 16.505 to 16.652, 61.510 to 61.705, and <br>78.510 to 78.852, except for service purchased under KRS 61.552(1) and (23), shall <br>not be used to determine eligibility for a retirement allowance under disability <br>retirement, early retirement, normal retirement, or death under any of the provisions <br>of KRS 16.505 to 16.652, 61.510 to 61.705, and 78.510 to 78.852. Purchased <br>service shall only be used to determine the amount of the retirement allowance of a <br>member who is eligible for a retirement allowance under disability, early retirement, <br>normal retirement, or death under any of the provisions of KRS 16.505 to 16.652, <br>61.510 to 61.705, and 78.510 to 78.852, based on service earned as a participating <br>employee.
Effective: June 27, 2008 <br>History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 13, effective June 27,
2008. -- Amended 2004 Ky. Acts ch. 33, sec. 2, effective July 13, 2004. -- Amended <br>2002 Ky. Acts ch. 52, sec. 24, effective July 15, 2002. -- Created 2001 Ky. Acts <br>ch. 7, sec. 6, effective June 21, 2001.
Page 1 of 1
61.5525 Method for determining purchase of service credit -- Exceptions.
(1) Effective July 1, 2001, purchase of service under the provisions of KRS 16.505 to
16.652, 61.510 to 61.705, and 78.510 to 78.852, except as provided in subsection <br>(2) of this section, shall be determined by multiplying the higher of the employee's <br>current rate of pay, final rate of pay, or final compensation as of the end of the <br>month in which the purchase is made times the actuarial factor times the number of <br>years of service being purchased. Effective September 1, 2008, the actuarial factor <br>used to determine the cost of purchasing service credit shall assume the earliest date <br>the member may retire without a reduction in benefits and the cost-of-living <br>adjustments provided to members upon retirement under KRS 61.691.
(2) This provision shall not apply to KRS 61.552(1) and (23) or 61.592(3)(c). <br>(3) Service purchased on or after August 1, 2004, under the provisions of KRS 16.505
to 16.652, 61.510 to 61.705, and 78.510 to 78.852, except for service purchased <br>under KRS 61.552(1) and (23), shall not be used to determine eligibility for or the <br>amount of the monthly insurance contribution under KRS 61.702.
(4) For a member whose participation begins on or after August 1, 2004, service
purchased under the provisions of KRS 16.505 to 16.652, 61.510 to 61.705, and <br>78.510 to 78.852, except for service purchased under KRS 61.552(1) and (23), shall <br>not be used to determine eligibility for a retirement allowance under disability <br>retirement, early retirement, normal retirement, or death under any of the provisions <br>of KRS 16.505 to 16.652, 61.510 to 61.705, and 78.510 to 78.852. Purchased <br>service shall only be used to determine the amount of the retirement allowance of a <br>member who is eligible for a retirement allowance under disability, early retirement, <br>normal retirement, or death under any of the provisions of KRS 16.505 to 16.652, <br>61.510 to 61.705, and 78.510 to 78.852, based on service earned as a participating <br>employee.
Effective: June 27, 2008 <br>History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 13, effective June 27,
2008. -- Amended 2004 Ky. Acts ch. 33, sec. 2, effective July 13, 2004. -- Amended <br>2002 Ky. Acts ch. 52, sec. 24, effective July 15, 2002. -- Created 2001 Ky. Acts <br>ch. 7, sec. 6, effective June 21, 2001.
Page 1 of 1
61.5525 Method for determining purchase of service credit -- Exceptions.
(1) Effective July 1, 2001, purchase of service under the provisions of KRS 16.505 to
16.652, 61.510 to 61.705, and 78.510 to 78.852, except as provided in subsection <br>(2) of this section, shall be determined by multiplying the higher of the employee's <br>current rate of pay, final rate of pay, or final compensation as of the end of the <br>month in which the purchase is made times the actuarial factor times the number of <br>years of service being purchased. Effective September 1, 2008, the actuarial factor <br>used to determine the cost of purchasing service credit shall assume the earliest date <br>the member may retire without a reduction in benefits and the cost-of-living <br>adjustments provided to members upon retirement under KRS 61.691.
(2) This provision shall not apply to KRS 61.552(1) and (23) or 61.592(3)(c). <br>(3) Service purchased on or after August 1, 2004, under the provisions of KRS 16.505
to 16.652, 61.510 to 61.705, and 78.510 to 78.852, except for service purchased <br>under KRS 61.552(1) and (23), shall not be used to determine eligibility for or the <br>amount of the monthly insurance contribution under KRS 61.702.
(4) For a member whose participation begins on or after August 1, 2004, service
purchased under the provisions of KRS 16.505 to 16.652, 61.510 to 61.705, and <br>78.510 to 78.852, except for service purchased under KRS 61.552(1) and (23), shall <br>not be used to determine eligibility for a retirement allowance under disability <br>retirement, early retirement, normal retirement, or death under any of the provisions <br>of KRS 16.505 to 16.652, 61.510 to 61.705, and 78.510 to 78.852. Purchased <br>service shall only be used to determine the amount of the retirement allowance of a <br>member who is eligible for a retirement allowance under disability, early retirement, <br>normal retirement, or death under any of the provisions of KRS 16.505 to 16.652, <br>61.510 to 61.705, and 78.510 to 78.852, based on service earned as a participating <br>employee.
Effective: June 27, 2008 <br>History: Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 13, effective June 27,
2008. -- Amended 2004 Ky. Acts ch. 33, sec. 2, effective July 13, 2004. -- Amended <br>2002 Ky. Acts ch. 52, sec. 24, effective July 15, 2002. -- Created 2001 Ky. Acts <br>ch. 7, sec. 6, effective June 21, 2001.
