Title 102 | Chapter 001 | Regulation 125
102 KAR 1:125.Omitted contributions; reinstatement of accounts.
Section 1.
In every case where a properly certified member entitled to membership under KRS 161.470 was employed, or is employed in the future, and the employer fails for any reason to deduct the retirement contribution due under the retirement Act, the employee if a member of the retirement system, and not retired, may pay the retirement contributions which should have been deducted by the employer plus eight (8) percent compound interest from the end of the year in which the service was performed to date of payment, and receive credit for those years, provided the teacher was not at fault in creating this delinquency.Section 2.
Members of the retirement system who have previously withdrawn their contributions, may reinstate these accounts by complying with the requirements of KRS 161.470(3), and by repaying the amount refunded plus interest at the rate of eight (8) percent compounded annually from the date of withdrawal to date of repayment.HISTORY: (TRS-24; 1 Ky.R. 137; eff. 12-11-74; Am. 9 Ky.R. 244; eff. 9-8-82; 17 Ky.R. 2475; eff. 4-5-91; Crt eff. 2-27-2020; 46 Ky.R. 1585, 2223, 2389; eff. 6-2-2020.)
102 KAR 1:125.Omitted contributions; reinstatement of accounts.
Section 1.
In every case where a properly certified member entitled to membership under KRS 161.470 was employed, or is employed in the future, and the employer fails for any reason to deduct the retirement contribution due under the retirement Act, the employee if a member of the retirement system, and not retired, may pay the retirement contributions which should have been deducted by the employer plus eight (8) percent compound interest from the end of the year in which the service was performed to date of payment, and receive credit for those years, provided the teacher was not at fault in creating this delinquency.Section 2.
Members of the retirement system who have previously withdrawn their contributions, may reinstate these accounts by complying with the requirements of KRS 161.470(3), and by repaying the amount refunded plus interest at the rate of eight (8) percent compounded annually from the date of withdrawal to date of repayment.HISTORY: (TRS-24; 1 Ky.R. 137; eff. 12-11-74; Am. 9 Ky.R. 244; eff. 9-8-82; 17 Ky.R. 2475; eff. 4-5-91; Crt eff. 2-27-2020; 46 Ky.R. 1585, 2223, 2389; eff. 6-2-2020.)