Kentucky Statutes 16.560 – Member account
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(1) The member account shall be the account to which:
(a) All members’ contributions, or contributions picked up by the employer after August 1, 1982, and interest allowances as provided in KRS § 16.505 to KRS § 16.652 shall be credited, except as provided by KRS § 61.702(2)(b); and
(b) For members who begin participating in the system on or after January 1,
2014, the employer pay credit and interest credited on such amounts as provided by KRS § 16.583 shall be credited.
Only funds from this account shall be used to return accumulated contributions or accumulated account balances of a member when required by reason of any provision of KRS § 16.505 to KRS § 16.652. Prior to the member’s retirement, death, or refund in accordance with KRS § 61.625, no funds shall be made available from the member’s account.
(2) Each member’s contribution or contribution picked up by the employer shall be credited to the individual account of the contributing member, except as provided by KRS § 61.702(2)(b).
(3) (a) Each member shall have his individual account credited with interest on June
30 of each fiscal year.
(b) For members who begin participating before September 1, 2008, interest shall be credited to their individual account at a rate determined by the board but not less than two and one-half percent (2.5%) per annum on the accumulated account balance of the member on June 30 of the preceding fiscal year.
(c) For members who begin participating on or after September 1, 2008, but prior to January 1, 2014, interest shall be credited to their individual account at a rate of two and one-half percent (2.5%) per annum on the accumulated account balance of the member on June 30 of the preceding fiscal year.
(d) For members who begin participating on or after January 1, 2014, in the hybrid cash balance plan, interest shall be credited to their individual account in accordance with KRS § 16.583.
(e) The amounts of interest credited to a member’s account under this subsection and KRS § 16.583 and the employer pay credit as provided by KRS § 16.583 shall be transferred from the retirement allowance account.
(4) (a) Upon the retirement of a member who began participating in the system prior to January 1, 2014, his or her accumulated account balance shall be transferred from the member’s account to the retirement allowance account.
(b) Upon the retirement of a member who began participating in the system on or after January 1, 2014, who elects to annuitize his or her accumulated account balance as prescribed by KRS § 16.583(7)(a) or (b), the member’s accumulated account balance shall be transferred to the retirement allowance account.
(5) Included as a part of such member’s account shall be his accumulated account balance in the Kentucky Employees Retirement System, if any, transferred to this system.
Effective: July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 36, effective July 1, 2013. — Amended
2009 Ky. Acts ch. 77, sec. 4, effective June 25, 2009. — Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, effective June 27, 2008. — Amended 2000 Ky. Acts ch.
385, sec. 2, effective July 14, 2000. — Amended 1982 Ky. Acts ch. 166, sec. 27, effective July 15, 1982. — Amended 1978 Ky. Acts ch. 311, sec. 4, effective June 17,
1978. — Amended 1976 Ky. Acts ch. 321, sec. 40. — Amended 1972 Ky. Acts ch.
116, sec. 8. — Created 1958 Ky. Acts ch. 94, sec. 12, effective July 1, 1958.
Legislative Research Commission Note (6/27/2008). The Reviser of Statutes has altered the numbering of subsection (3) of this statute from the way it appeared in 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, under the authority of KRS § 7.136(1)(c).
(a) All members’ contributions, or contributions picked up by the employer after August 1, 1982, and interest allowances as provided in KRS § 16.505 to KRS § 16.652 shall be credited, except as provided by KRS § 61.702(2)(b); and
Terms Used In Kentucky Statutes 16.560
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Statute: A law passed by a legislature.
- Year: means calendar year. See Kentucky Statutes 446.010
(b) For members who begin participating in the system on or after January 1,
2014, the employer pay credit and interest credited on such amounts as provided by KRS § 16.583 shall be credited.
Only funds from this account shall be used to return accumulated contributions or accumulated account balances of a member when required by reason of any provision of KRS § 16.505 to KRS § 16.652. Prior to the member’s retirement, death, or refund in accordance with KRS § 61.625, no funds shall be made available from the member’s account.
(2) Each member’s contribution or contribution picked up by the employer shall be credited to the individual account of the contributing member, except as provided by KRS § 61.702(2)(b).
(3) (a) Each member shall have his individual account credited with interest on June
30 of each fiscal year.
(b) For members who begin participating before September 1, 2008, interest shall be credited to their individual account at a rate determined by the board but not less than two and one-half percent (2.5%) per annum on the accumulated account balance of the member on June 30 of the preceding fiscal year.
(c) For members who begin participating on or after September 1, 2008, but prior to January 1, 2014, interest shall be credited to their individual account at a rate of two and one-half percent (2.5%) per annum on the accumulated account balance of the member on June 30 of the preceding fiscal year.
(d) For members who begin participating on or after January 1, 2014, in the hybrid cash balance plan, interest shall be credited to their individual account in accordance with KRS § 16.583.
(e) The amounts of interest credited to a member’s account under this subsection and KRS § 16.583 and the employer pay credit as provided by KRS § 16.583 shall be transferred from the retirement allowance account.
(4) (a) Upon the retirement of a member who began participating in the system prior to January 1, 2014, his or her accumulated account balance shall be transferred from the member’s account to the retirement allowance account.
(b) Upon the retirement of a member who began participating in the system on or after January 1, 2014, who elects to annuitize his or her accumulated account balance as prescribed by KRS § 16.583(7)(a) or (b), the member’s accumulated account balance shall be transferred to the retirement allowance account.
(5) Included as a part of such member’s account shall be his accumulated account balance in the Kentucky Employees Retirement System, if any, transferred to this system.
Effective: July 1, 2013
History: Amended 2013 Ky. Acts ch. 120, sec. 36, effective July 1, 2013. — Amended
2009 Ky. Acts ch. 77, sec. 4, effective June 25, 2009. — Amended 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, effective June 27, 2008. — Amended 2000 Ky. Acts ch.
385, sec. 2, effective July 14, 2000. — Amended 1982 Ky. Acts ch. 166, sec. 27, effective July 15, 1982. — Amended 1978 Ky. Acts ch. 311, sec. 4, effective June 17,
1978. — Amended 1976 Ky. Acts ch. 321, sec. 40. — Amended 1972 Ky. Acts ch.
116, sec. 8. — Created 1958 Ky. Acts ch. 94, sec. 12, effective July 1, 1958.
Legislative Research Commission Note (6/27/2008). The Reviser of Statutes has altered the numbering of subsection (3) of this statute from the way it appeared in 2008 (1st Extra. Sess.) Ky. Acts ch. 1, sec. 7, under the authority of KRS § 7.136(1)(c).