SB342: AN ACT relating to recontribution of a refund in the retirement systems.

Legislative Summary

Amend KRS 61.552 to provide that recontributions of a refund to the Kentucky Employees Retirement System, County Employees Retirement System, and the State Police Retirement System, made on or before January 1, 2023, shall be used to determine a member's participation date in the systems; make retroactive back to January 1, 2014, and provide that recontributions of a refund made on or after January 1, 2014 and prior to the effective date of this Act, shall be used to determine a member's participation date in the system unless the member instructs the systems by January 1, 2023, to not use the service to determine their participation date in the systems; RETROACTIVE.