Kentucky Statutes 161.515 – Out-of-state service credit — Contribution — Kentucky Peace Corps and federal Peace Corps service credit — Retirement factor
Current as of: 2024 | Check for updates
|
Other versions
(1) For the purposes of this section, “out-of-state service” shall mean service in any state in a comparable position on a full-time basis, which would be covered if in Kentucky.
(2) (a) An active contributing member who has been a contributing member of the retirement system for at least one (1) full scholastic year subsequent to the latest out-of-state service, may present for credit service rendered out of state, not to exceed ten (10) years actually taught as a certified or licensed teacher. All members who elect to purchase this service shall pay to the retirement system the full actuarial cost as provided under KRS § 161.220(22). For each year of which the retirement system shall accept payment, one (1) year of service credit shall be given. For members who purchased this service under the cost formula as it existed under this subsection on June 30, 2005, this credit may not be used to meet the service requirements of KRS § 161.525,
161.600, or 161.661, except as provided in subsection (2)(c) of this section. No credit shall be granted for service which has been or will be used in qualifying for annuity benefit payments from another retirement system financed wholly or in part by public funds.
(b) A member of the retirement system having teaching service in the elementary or secondary schools operated by the United States overseas or in this country, or in a public college or university in Kentucky, not included in the Teachers’ Retirement System of the State of Kentucky, may present this service for credit in the retirement system on the same basis as provided above for out-of- state service credit; however, no service may be presented which shall be used as a basis for retirement benefits in any program supported wholly or in part by a public institution or governmental agency. This service when added to service credited under subsection (2)(a) of this section shall not exceed a total of ten (10) years’ service credit.
(c) A member having service referred to in subsection (2)(a) or (2)(b) of this section who purchased this service under the cost formula as it existed under those subsections on June 30, 2005, may elect to use this service for meeting the requirements of KRS § 161.600(1)(c) by making an additional contribution to the state accumulation fund equal to a member contribution rate of eight percent (8%) for each year so used. These payments shall not be picked up as described in KRS § 161.540(2). The salary base to be used in determining this additional contribution shall be the final average salary which is used in calculating the member’s regular retirement annuity.
(3) Members entering the Teachers’ Retirement System for the first time, July 1, 1976, and after this date, shall not receive credit for service defined in subsections (2)(a) or (2)(b) of this section in excess of one (1) year of credit for each two (2) years of Kentucky service in a covered position or ten (10) years, whichever is the lesser number.
(4) A member, having completed service as a volunteer in the Kentucky Peace Corps
created by KRS § 154.1-720, may purchase service credit for the time served in the corps on the same basis as provided in this section for the purchase of out-of-state service credit. A member, having completed service as a federal Peace Corps volunteer, may purchase up to two (2) years of service credit for time served in the Peace Corps on the same basis as provided in this section for the purchase of out-of- state service credit.
(5) Service purchased under this section by members shall be credited based upon the retirement factor established by KRS § 161.620, as applicable.
Effective: January 1, 2022
History: Repealed, reenacted, and amended 2021 Ky. Acts ch. 157, sec. 18, effective
January 1, 2022; and amended ch. 192, sec. 9, effective June 29, 2021. — Amended
2018 Ky. Acts ch. 107, sec. 53, effective July 14, 2018. — Amended 2008 Ky. Acts ch. 78, sec. 6, effective July 1, 2008. — Amended 2004 Ky. Acts ch. 121, sec. 8, effective July 1, 2004. — Amended 2002 Ky. Acts ch. 275, sec. 14, effective July 1,
2002. — Amended 1996 Ky. Acts ch. 359, sec. 5, effective July 1, 1996. — Amended
1994 Ky. Acts ch. 369, sec. 7, effective July 1, 1994; ch. 406, sec. 8, effective July
15, 1994; and ch. 485, sec. 33, effective July 15, 1994. – Amended 1992 Ky. Acts ch. 100, sec. 13, effective July 14, 1992. — Amended 1990 Ky. Acts ch. 442, sec. 6, effective July 1, 1990; and ch. 476, Pt. V, sec. 509, effective July 13, 1990. — Amended 1988 Ky. Acts ch. 363, sec. 8, effective July 1, 1988. — Amended 1986
Ky. Acts ch. 442, sec. 1, effective July 15, 1986. — Amended 1984 Ky. Acts ch. 253, sec. 12, effective July 1, 1984; and ch. 302, sec. 4, effective July 13, 1984. — Amended 1982 Ky. Acts ch. 166, sec. 32, effective July 15, 1982. — Amended 1976
Ky. Acts ch. 351, sec. 9, effective July 1, 1976. — Amended 1974 Ky. Acts ch. 395, sec. 9, effective July 1, 1976. — Amended 1972 Ky. Acts ch. 82, sec. 13. — Amended
1966 Ky. Acts ch. 16, sec. 4. — Amended 1962 Ky. Acts ch. 64, sec. 8. — Amended
1960 Ky. Acts ch. 44, sec. 9. — Created 1946 Ky. Acts ch. 111, sec. 2.
Legislative Research Commission Note (1/1/2022). This statute was amended by 2021
Ky Acts chs. 157 and 192, which do not appear to be in conflict and have been codified together.
Legislative Research Commission Note (12/13/2018). On December 13, 2018, the
Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch.
107), did not comply with the three-readings rule of Kentucky Constitution Section
46 and that the legislation is, therefore, constitutionally invalid and declared void. That ruling applies to changes made to this statute in that Act.
(2) (a) An active contributing member who has been a contributing member of the retirement system for at least one (1) full scholastic year subsequent to the latest out-of-state service, may present for credit service rendered out of state, not to exceed ten (10) years actually taught as a certified or licensed teacher. All members who elect to purchase this service shall pay to the retirement system the full actuarial cost as provided under KRS § 161.220(22). For each year of which the retirement system shall accept payment, one (1) year of service credit shall be given. For members who purchased this service under the cost formula as it existed under this subsection on June 30, 2005, this credit may not be used to meet the service requirements of KRS § 161.525,
Terms Used In Kentucky Statutes 161.515
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Federal: refers to the United States. See Kentucky Statutes 446.010
- public funds: means sums actually received in cash or negotiable instruments from all sources unless otherwise described by any state agency, state- owned corporation, university, department, cabinet, fiduciary for the benefit of any form of state organization, authority, board, bureau, interstate compact, commission, committee, conference, council, office, or any other form of organization whether or not the money has ever been paid into the Treasury and whether or not the money is still in the Treasury if the money is controlled by any form of state organization, except for those funds the management of which is to be reported to the Legislative Research Commission pursuant to KRS §. See Kentucky Statutes 446.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Statute: A law passed by a legislature.
- Year: means calendar year. See Kentucky Statutes 446.010
161.600, or 161.661, except as provided in subsection (2)(c) of this section. No credit shall be granted for service which has been or will be used in qualifying for annuity benefit payments from another retirement system financed wholly or in part by public funds.
(b) A member of the retirement system having teaching service in the elementary or secondary schools operated by the United States overseas or in this country, or in a public college or university in Kentucky, not included in the Teachers’ Retirement System of the State of Kentucky, may present this service for credit in the retirement system on the same basis as provided above for out-of- state service credit; however, no service may be presented which shall be used as a basis for retirement benefits in any program supported wholly or in part by a public institution or governmental agency. This service when added to service credited under subsection (2)(a) of this section shall not exceed a total of ten (10) years’ service credit.
(c) A member having service referred to in subsection (2)(a) or (2)(b) of this section who purchased this service under the cost formula as it existed under those subsections on June 30, 2005, may elect to use this service for meeting the requirements of KRS § 161.600(1)(c) by making an additional contribution to the state accumulation fund equal to a member contribution rate of eight percent (8%) for each year so used. These payments shall not be picked up as described in KRS § 161.540(2). The salary base to be used in determining this additional contribution shall be the final average salary which is used in calculating the member’s regular retirement annuity.
(3) Members entering the Teachers’ Retirement System for the first time, July 1, 1976, and after this date, shall not receive credit for service defined in subsections (2)(a) or (2)(b) of this section in excess of one (1) year of credit for each two (2) years of Kentucky service in a covered position or ten (10) years, whichever is the lesser number.
(4) A member, having completed service as a volunteer in the Kentucky Peace Corps
created by KRS § 154.1-720, may purchase service credit for the time served in the corps on the same basis as provided in this section for the purchase of out-of-state service credit. A member, having completed service as a federal Peace Corps volunteer, may purchase up to two (2) years of service credit for time served in the Peace Corps on the same basis as provided in this section for the purchase of out-of- state service credit.
(5) Service purchased under this section by members shall be credited based upon the retirement factor established by KRS § 161.620, as applicable.
Effective: January 1, 2022
History: Repealed, reenacted, and amended 2021 Ky. Acts ch. 157, sec. 18, effective
January 1, 2022; and amended ch. 192, sec. 9, effective June 29, 2021. — Amended
2018 Ky. Acts ch. 107, sec. 53, effective July 14, 2018. — Amended 2008 Ky. Acts ch. 78, sec. 6, effective July 1, 2008. — Amended 2004 Ky. Acts ch. 121, sec. 8, effective July 1, 2004. — Amended 2002 Ky. Acts ch. 275, sec. 14, effective July 1,
2002. — Amended 1996 Ky. Acts ch. 359, sec. 5, effective July 1, 1996. — Amended
1994 Ky. Acts ch. 369, sec. 7, effective July 1, 1994; ch. 406, sec. 8, effective July
15, 1994; and ch. 485, sec. 33, effective July 15, 1994. – Amended 1992 Ky. Acts ch. 100, sec. 13, effective July 14, 1992. — Amended 1990 Ky. Acts ch. 442, sec. 6, effective July 1, 1990; and ch. 476, Pt. V, sec. 509, effective July 13, 1990. — Amended 1988 Ky. Acts ch. 363, sec. 8, effective July 1, 1988. — Amended 1986
Ky. Acts ch. 442, sec. 1, effective July 15, 1986. — Amended 1984 Ky. Acts ch. 253, sec. 12, effective July 1, 1984; and ch. 302, sec. 4, effective July 13, 1984. — Amended 1982 Ky. Acts ch. 166, sec. 32, effective July 15, 1982. — Amended 1976
Ky. Acts ch. 351, sec. 9, effective July 1, 1976. — Amended 1974 Ky. Acts ch. 395, sec. 9, effective July 1, 1976. — Amended 1972 Ky. Acts ch. 82, sec. 13. — Amended
1966 Ky. Acts ch. 16, sec. 4. — Amended 1962 Ky. Acts ch. 64, sec. 8. — Amended
1960 Ky. Acts ch. 44, sec. 9. — Created 1946 Ky. Acts ch. 111, sec. 2.
Legislative Research Commission Note (1/1/2022). This statute was amended by 2021
Ky Acts chs. 157 and 192, which do not appear to be in conflict and have been codified together.
Legislative Research Commission Note (12/13/2018). On December 13, 2018, the
Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch.
107), did not comply with the three-readings rule of Kentucky Constitution Section
46 and that the legislation is, therefore, constitutionally invalid and declared void. That ruling applies to changes made to this statute in that Act.