2006 Kentucky Revised Statutes - .640   Payment of annuities -- Payroll deductions -- Electronic fund transfer.

161.640 Payment of annuities -- Payroll deductions -- Electronic fund transfer. (1) Retirement annuities shall be payable monthly. The first payment to an annuitant shall be made at the payment date at the end of one (1) full payment period after his retirement and shall consist of one (1) regular monthly payment. Retirement for a member receiving one (1) full year of service credit during a fiscal year shall be no earlier than July 1 next following the end of such fiscal year. Notwithstanding any other statutory provisions to the contrary, members filling positions that customarily require twelve (12) months of service during a fiscal year cannot retire prior to July 1 without a corresponding pro rata reduction in salary and service credit. The board of trustees may determine which positions customarily require twelve (12) months of service during a fiscal year. (2) The board of trustees may enter into agreements with retired members for payroll deductions when it is deemed in the best interest of the retired members and the retirement system. (3) All new retirees, on or after July 1, 1998, shall receive their monthly annuity checks by electronic fund transfer. All annuity and survivor monthly allowance payments shall be made by electronic fund transfer by December 31, 1998. Effective: July 1, 2004 History: Amended 2004 Ky. Acts ch. 121, sec. 21, effective July 1, 2004. -- Amended 1998 Ky. Acts ch. 515, sec. 13, effective July 1, 1998. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 533, effective July 13, 1990. -- Amended 1980 Ky. Acts ch. 206, sec. 10, effective July 1, 1980. -- Amended 1972 Ky. Acts ch. 82, sec. 21. -- Amended 1952 Ky. Acts ch. 144, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b-46.