Section 6.520 - Retirement benefits for members who began participating before January 1, 2014(1) A member of the Legislators' Retirement Plan who retires on or after his or her normal retirement date shall receive a service retirement allowance, payable monthly during his or her lifetime, in an amount per month equal to three and fifty one-hundredths percent (3.50%) of his or her final compensation multiplied by the number of years of his or her service, but in no event to exceed one hundred percent (100%) of final compensation. For this purpose, "final compensation" means the average monthly creditable compensation as determined in KRS 61.510(13) of the member for services as a legislator for the three (3) years during which the member had the highest creditable legislative compensation.(2) A member shall have rights, with respect to retirement before reaching normal retirement date in the Legislators' Retirement Plan, identical in terms with those rights provided in KRS 21.400(2) and (3) in the Judicial Retirement Plan for members of that plan, except that the reduction in a legislators' service retirement allowance for early retirement shall be at the rate of five percent (5%) of the allowance for each year that retirement precedes the normal retirement date.(3) Subsections (1) and (2) of this section to the contrary notwithstanding, each legislator in office on July 1, 1982, that is a member of the Legislators' Retirement Plan, who retires on or after his or her normal retirement date, shall receive a service retirement allowance, payable monthly, on a formula equal to that of a justice or judge of the Court of Justice with an equivalent service entrance date, but in no event less than that specified in subsection (1) of this section, of his or her final compensation multiplied by the number of years of his or her service, but in no event to exceed one hundred percent (100%) of final compensation. For this purpose, "final compensation" means the average monthly creditable compensation as determined in KRS 61.510(13) of the three (3) years during which the member had the highest creditable legislative compensation.(4) Subsections (1) and (2) of this section to the contrary notwithstanding, a member of the Legislators' Retirement Plan with a service entrance date after July 1, 1982 but prior to January 1, 2014, who retires on or after his or her normal retirement date, shall receive a service retirement allowance, payable monthly during his or her lifetime, in an amount per month equal to two and seventy-five one-hundredths percent (2.75%) of his or her final compensation multiplied by the number of years of his or her service, but in no event to exceed one hundred percent (100%) of final compensation. For this purpose, "final compensation" means the average monthly creditable compensation as determined in KRS 61.510(13) of the member for services as a legislator for the three (3) years during which the member had the highest creditable legislative compensation.(5) Subsections (1) to (4) of this section shall not apply to members who begin participating in the Legislators' Retirement Plan on or after January 1, 2014.Amended by 2022 Ky. Acts ch. 55,§ 5, eff. 7/13/2022.Amended by 2018 Ky. Acts ch. 107,§ 3, eff. 7/14/2018.Amended by 2013 Ky. Acts ch. 120,§ 15, eff. 7/1/2013.Effective:6/20/2005
Amended 2005, Ky. Acts ch. 86, sec. 4, effective6/20/2005. -- Amended 2003, Ky. Acts ch. 128, sec. 2, effective 6/24/2003. -- Amended 1984 Ky. Acts ch. 111, sec. 11, effective 7/13/1984. -- Amended 1982 Ky. Acts ch. 458, sec. 8, effective 4/15/1982. -- Created 1980 Ky. Acts ch. 407, sec. 15, effective 7/1/1980.