All Justices of the Supreme Court, Judges of the Court of Appeals, Circuit, Family and District Court Judges are eligible for membership in the Judicial Retirement Plan. Members of the General Assembly are eligible for membership in the Legislators Retirement Plan. Qualified judges and legislators electing membership prior to January 1, 2014 participate in a Defined Benefit (DB) Plan. Qualified judges and legislators electing membership on or after January 1, 2014 participate in a Hybrid Cash Balance (HCB) Plan. The Plans provide retirement benefits to qualified retirees and survivors. The Judicial Retirement Plan was created in 1960, and the Legislators Retirement Plan was created in 1980.
The statutes governing the Judicial Retirement Plan are KRS 21.345 to 21.570. The statutes governing the Legislators Retirement Plan are KRS 6.500 to 6.577. The Plans have adopted Administrative Regulations, 4.010 to 4.050. The Plans are very similar – many of the statutes governing the Judicial Retirement Plan are adopted by KRS 6.525, making them applicable to the Legislators Retirement Plan.
The Judicial Form Retirement System is the state agency charged with the administration of the Judicial Retirement Plan and the Legislators Retirement Plan. The Board of Trustees of the System consists of eight members, three of whom are apponted by the Supreme Court, two by the Governor, one by the President of the Senate, one by the Speaker of the House and one by the President and Speaker. Each plan maintains its separate identity. The assets of each plan are maintained separately and each fund is governed by its own Investment Committee. The Investment Committee for the Judicial Retirement Fund consists of the judicial and gubernatorial Board appointees; the Investment Committee for the Legislators Retirement Fund consists of the legislative and gubernatorial Board appointees. Appointments are to a four-year term and appointees can serve no more than three consecutive terms. The Board and Committees meet quarterly during the months of January, April, July and October.
The daily operation of the System and the Plans is conducted at the System’s office.
Kentucky Judicial Form Retirement System
Suite 302, Whitaker Bank Building
305 Ann Street
Frankfort, KY 40601