HB516

Kentucky HB516 amends retirement benefits for probationary employment, detailing service credit purchase provisions.

Kentucky HB516 modifies retirement benefits for probationary employment by detailing provisions for purchasing service credit. It outlines conditions for crediting service, including the cost calculation and payment methods. The bill specifies scenarios where service credit can be purchased, such as for omitted service, probationary service, and non-qualified service. It also defines terms like "service," "creditable compensation," and "final compensation," and sets rules for employer and employee contributions.