Kentucky Revised Statutes Title III. Executive Branch § 16.584.Employer pay credits for members in hybrid cash balance plan; report; reduction of accumulated sick leave; funding in executive branch budget

(a) Within thirty (30) days following the close of each fiscal year ending on or after June 30, 2023, members participating in the State Police Retirement System in the hybrid cash balance plan who have five (5) or more years of service credited under KRS 16.543(1), 61.543(1), and 78.615(1), shall receive an employer pay credit under KRS 16.583(2)(b)2. equal to an amount determined by multiplying the member's hours of accumulated sick leave in excess of four hundred eighty (480) hours as of the most recently completed fiscal year by the member's hourly base pay determined under KRS 16.052, including any annual adjustments provided by KRS 16.052(6). The member's hourly base pay shall not include any payments for overtime or any salary supplement received from the Law Enforcement Foundation Program established pursuant to KRS 15.410 to 15.510; and

(b) Effective July 1, 2023, members with an account in the hybrid cash balance plan who retire from the State Police Retirement System shall receive an employer pay credit under KRS 16.583(2)(b)2. equal to an amount determined by multiplying the member's hours of accumulated sick leave upon termination of employment by the member's hourly base pay determined under KRS 16.052, including any annual adjustments provided by KRS 16.052(6). The member's hourly base pay shall not include any payments for overtime or any salary supplement received from the Law Enforcement Foundation Program established pursuant to KRS 15.410 to 15.510.