102 KAR 1:060. Refunds.
RELATES TO: KRS 161.470
STATUTORY AUTHORITY: KRS 161.310
NECESSITY, FUNCTION, AND CONFORMITY: KRS 161.470(6) provides that members of the Teachers' Retirement System may receive a refund of their contributions upon withdrawal from service. This administrative regulation provides the administrative procedures necessary to carry out the provisions of this statute.
Section 1. Refunds shall be made on the basis of permanent withdrawal from service in a covered position. No refund may be made if the member is under contract for employment in a covered position.
Section 2. Partial refunds of member contributions shall only be permitted when a member cancels service credit and obtains credit for the service in a state or municipal retirement system outside Kentucky as provided in 102 KAR 1:045. (TRS-9; 1 Ky.R. 136; eff. 12-11-74; Am. 3 Ky.R. 377; eff. 12-1-76; 17 Ky.R. 2473; eff. 4-5-91.)