Kentucky Revised Statutes Title IV. Judicial Branch § 21.374.Election by member participating in the Legislators' Retirement Plan or the Judicial Retirement Plan on or after September 1, 2008, but before January 1, 2014; participation in hybrid cash balance plan

(a) Any service credit the member has accrued prior to January 1, 2014, shall be considered as service credit earned on or after January 1, 2014, for purposes of determining benefits under KRS 6.500 to 6.577 and 21.345 to 21.580;

(b) On the member's effective election date, the value of the member's accumulated contributions, less any interest, shall be deposited into the member's hybrid cash balance account as provided by KRS 21.402 and considered part of the member's accumulated account balance;

(c) On the member's effective election date, an employer pay credit as provided by KRS 21.402 shall be added to the member's accumulated account balance for each month the member contributed to the Legislators' Retirement Plan or the Judicial Retirement Plan prior to his or her effective election date; and

(d) Interest credits as provided by KRS 21.402 shall only be applied for periods occurring on or after the member's effective election date;

(6) (a) A member of the Legislators' Retirement Plan or the Judicial Retirement Plan shall not be eligible to make an election prescribed by this section until the Judicial Form Retirement System receives a favorable private letter ruling from the Internal Revenue Service regarding this section.

(b) If the Internal Revenue Service denies the request for a private letter ruling as provided by paragraph (a) of this subsection, this section shall be void.

(c) The Judicial Form Retirement System may promulgate administrative regulations under KRS Chapter 13A in order to carry out this section.