105 KAR 1:070.
Allocation of special appropriation for military service credit.
RELATES TO: KRS
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.)