105 KAR 1:070. Allocation of special appropriation for military service credit

Link to law: http://www.lrc.ky.gov/kar/105/001/070.htm
Published: 2015

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      105 KAR 1:070.

Allocation of special appropriation for military service credit.



16.645(26), 61.555, 78.545(6)


AUTHORITY: KRS 61.645(9)(e)


FUNCTION, AND CONFORMITY: KRS 61.555(4) permits eligible members to receive current

service in the retirement systems for up to four (4) years of military service.

The cost of such service credit is calculated by the board with the member

paying thirty-five (35) percent of the cost and the remaining sixty-five (65)

percent is to be paid from funds specifically appropriated for this purpose. If

no funds are available in the special appropriation account, the board may not

accept employee payments. From time to time, when funds are appropriated for

this provision, such funds may not be adequate to accommodate all members who

may wish to purchase current service for military time. The board believes that

all eligible members should have an equal chance to utilize appropriated funds

and this administrative regulation is necessary to define the administrative

procedures that will be followed when such funds are not sufficient to satisfy

the demand from eligible members.


      Section 1. When

a special appropriation is made to permit purchase of current service in the

Kentucky Retirement Systems for time in the military service, the board will

announce at least two (2) weeks in advance the period of time during which

applications to purchase current service for military service may be submitted

to the Kentucky Retirement Systems. The period of time for accepting

applications shall not be less than four (4) weeks. Applications must be

submitted in writing by the member.


      Section 2. At

the close of the application period, an independent accounting firm will be

engaged to determine the pro rata share of the funds available for each

eligible applicant which shall be used to determine the amount of military

service the applicant may purchase. (8 Ky.R. 542; eff. 5-5-82; Am. 18 Ky.R.

722; eff. 11-8-91.)