67A.500 Withdrawal from service prior to retirement -- Refunds -- Forfeitures --
Repayment upon reemployment.
(1) Upon withdrawal from service prior to retirement, a member shall be entitled to
receive a refund of the amount of contributions made by the member or picked up <br>by the urban-county government pursuant to KRS 67A.510(2) after the date of <br>establishment, without interest. Payments of picked up employee contributions shall <br>be subject to state and federal tax as appropriate.
(2) Any member receiving a refund of contributions shall thereby ipso facto forfeit,
waive, and relinquish all accrued rights and benefits in the system, including all <br>credited and creditable service. The board may, in its discretion, regardless of cause, <br>withhold payment of a refund for a period not to exceed six (6) months after receipt <br>of an application from a member.
(3) Any member who has received a refund shall be considered a new member upon
subsequent reemployment if such person qualifies for membership under KRS <br>67A.360 to 67A.690. Any member who is reemployed after withdrawing from <br>service and who received a refund of contributions shall, within ninety (90) days of <br>his reemployment or prior to retirement, whichever occurs first, make a repayment <br>to the system of the amount or amounts previously received as a refund, including <br>interest at the rate determined by the board to be the actual rate of return on <br>investments made by the board, but not less than three percent (3%) per annum, <br>from the dates of the refund to the date of repayment, compounded annually. Upon <br>the restoration of such refunds, such member shall have reinstated to his account all <br>credited service represented by the refunds of which repayment has been made. <br>Repayment of refunds by any member shall include all refunds received by a <br>member prior to the date of his last withdrawal from service, with interest, and shall <br>be made in a single lump sum payment. Repayments shall not be picked up by the <br>urban-county government. If repayment is not made within the specified time <br>period, the member shall have forever forfeited, waived, and relinquished the right <br>to have reinstated to his account the credited service represented by the refunds for <br>which repayment was not made, but shall not be precluded from purchasing service <br>credit as provided in KRS 67A.402.
(4) Any member who has received, or who is entitled to receive, a refund, but who
within six (6) months of becoming entitled to receive such refund, qualifies for <br>membership under the provisions of a fund in effect in another government, or city <br>of the second class, adopted pursuant to law, shall have the option of paying his <br>refund into such other fund, in which event he shall be deemed a member of such <br>other fund and his account therein shall be credited with all contributions, including <br>those picked up pursuant to KRS 67A.510(2), and service under his original fund.
Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 484, sec. 6, effective July 14, 2000. -- Amended
1982 Ky. Acts ch. 166, sec. 41, effective July 15, 1982. -- Created 1974 Ky. Acts <br>ch. 106, sec. 15, effective July 1, 1974.
67A.500 Withdrawal from service prior to retirement -- Refunds -- Forfeitures --
Repayment upon reemployment.
(1) Upon withdrawal from service prior to retirement, a member shall be entitled to
receive a refund of the amount of contributions made by the member or picked up <br>by the urban-county government pursuant to KRS 67A.510(2) after the date of <br>establishment, without interest. Payments of picked up employee contributions shall <br>be subject to state and federal tax as appropriate.
(2) Any member receiving a refund of contributions shall thereby ipso facto forfeit,
waive, and relinquish all accrued rights and benefits in the system, including all <br>credited and creditable service. The board may, in its discretion, regardless of cause, <br>withhold payment of a refund for a period not to exceed six (6) months after receipt <br>of an application from a member.
(3) Any member who has received a refund shall be considered a new member upon
subsequent reemployment if such person qualifies for membership under KRS <br>67A.360 to 67A.690. Any member who is reemployed after withdrawing from <br>service and who received a refund of contributions shall, within ninety (90) days of <br>his reemployment or prior to retirement, whichever occurs first, make a repayment <br>to the system of the amount or amounts previously received as a refund, including <br>interest at the rate determined by the board to be the actual rate of return on <br>investments made by the board, but not less than three percent (3%) per annum, <br>from the dates of the refund to the date of repayment, compounded annually. Upon <br>the restoration of such refunds, such member shall have reinstated to his account all <br>credited service represented by the refunds of which repayment has been made. <br>Repayment of refunds by any member shall include all refunds received by a <br>member prior to the date of his last withdrawal from service, with interest, and shall <br>be made in a single lump sum payment. Repayments shall not be picked up by the <br>urban-county government. If repayment is not made within the specified time <br>period, the member shall have forever forfeited, waived, and relinquished the right <br>to have reinstated to his account the credited service represented by the refunds for <br>which repayment was not made, but shall not be precluded from purchasing service <br>credit as provided in KRS 67A.402.
(4) Any member who has received, or who is entitled to receive, a refund, but who
within six (6) months of becoming entitled to receive such refund, qualifies for <br>membership under the provisions of a fund in effect in another government, or city <br>of the second class, adopted pursuant to law, shall have the option of paying his <br>refund into such other fund, in which event he shall be deemed a member of such <br>other fund and his account therein shall be credited with all contributions, including <br>those picked up pursuant to KRS 67A.510(2), and service under his original fund.
Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 484, sec. 6, effective July 14, 2000. -- Amended
1982 Ky. Acts ch. 166, sec. 41, effective July 15, 1982. -- Created 1974 Ky. Acts <br>ch. 106, sec. 15, effective July 1, 1974.
67A.500 Withdrawal from service prior to retirement -- Refunds -- Forfeitures --
Repayment upon reemployment.
(1) Upon withdrawal from service prior to retirement, a member shall be entitled to
receive a refund of the amount of contributions made by the member or picked up <br>by the urban-county government pursuant to KRS 67A.510(2) after the date of <br>establishment, without interest. Payments of picked up employee contributions shall <br>be subject to state and federal tax as appropriate.
(2) Any member receiving a refund of contributions shall thereby ipso facto forfeit,
waive, and relinquish all accrued rights and benefits in the system, including all <br>credited and creditable service. The board may, in its discretion, regardless of cause, <br>withhold payment of a refund for a period not to exceed six (6) months after receipt <br>of an application from a member.
(3) Any member who has received a refund shall be considered a new member upon
subsequent reemployment if such person qualifies for membership under KRS <br>67A.360 to 67A.690. Any member who is reemployed after withdrawing from <br>service and who received a refund of contributions shall, within ninety (90) days of <br>his reemployment or prior to retirement, whichever occurs first, make a repayment <br>to the system of the amount or amounts previously received as a refund, including <br>interest at the rate determined by the board to be the actual rate of return on <br>investments made by the board, but not less than three percent (3%) per annum, <br>from the dates of the refund to the date of repayment, compounded annually. Upon <br>the restoration of such refunds, such member shall have reinstated to his account all <br>credited service represented by the refunds of which repayment has been made. <br>Repayment of refunds by any member shall include all refunds received by a <br>member prior to the date of his last withdrawal from service, with interest, and shall <br>be made in a single lump sum payment. Repayments shall not be picked up by the <br>urban-county government. If repayment is not made within the specified time <br>period, the member shall have forever forfeited, waived, and relinquished the right <br>to have reinstated to his account the credited service represented by the refunds for <br>which repayment was not made, but shall not be precluded from purchasing service <br>credit as provided in KRS 67A.402.
(4) Any member who has received, or who is entitled to receive, a refund, but who
within six (6) months of becoming entitled to receive such refund, qualifies for <br>membership under the provisions of a fund in effect in another government, or city <br>of the second class, adopted pursuant to law, shall have the option of paying his <br>refund into such other fund, in which event he shall be deemed a member of such <br>other fund and his account therein shall be credited with all contributions, including <br>those picked up pursuant to KRS 67A.510(2), and service under his original fund.
Effective: July 14, 2000 <br>History: Amended 2000 Ky. Acts ch. 484, sec. 6, effective July 14, 2000. -- Amended
1982 Ky. Acts ch. 166, sec. 41, effective July 15, 1982. -- Created 1974 Ky. Acts <br>ch. 106, sec. 15, effective July 1, 1974.
