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161.630 Benefit options -- Change in benefit option -- Beneficiary redesignation
after retirement.
(1) A member, upon retirement, shall receive a retirement allowance in the form of a
life annuity, with refundable balance, as provided in KRS 161.620, unless an <br>election is made before the effective date of retirement to receive actuarially <br>equivalent benefits under options which the board of trustees approves. No option <br>shall provide for a benefit with an actuarial value at the age of retirement greater <br>than that provided in KRS 161.620. This section does not apply to disability <br>allowances as provided in KRS 161.661(1).
(2) The retirement option chosen by a retiree at the time of service retirement shall
remain in force unless the retiree elects to make a change under the following <br>conditions: <br>(a) A divorce, annulment, or marriage dissolution following retirement shall, at
the election of the retiree, cancel any optional plan selected at retirement that <br>provides continuing benefits to a spousal beneficiary and return the retiree to a <br>single lifetime benefit equivalent as determined by the board; or
(b) Following marriage or remarriage, or the death of the designated beneficiary, a
retiree may elect a new optional plan of payment based on the actuarial <br>equivalent of a single lifetime benefit at the time of the election, as determined <br>by the board. The plan shall become effective the first of the month following <br>receipt of an application on a form approved by the board.
(3) Except as otherwise provided in this section, a beneficiary designation shall not be
changed after the effective date of retirement except for retirees who elect the life <br>annuity with refundable balance or the predetermined years certain and life <br>thereafter option. A member may remove a beneficiary at any time, but shall not <br>designate a substitute beneficiary. If a member elects to remove a beneficiary, the <br>member's retirement allowance shall not change regardless of the retirement option <br>selected by the member, even if the removed beneficiary predeceases the member.
(4) A member who experiences a qualifying event under subsection (2) of this section
and who elects a new optional plan of payment shall make that election within sixty <br>(60) days of the qualifying event.
Effective: July 1, 2010 <br>History: Amended 2010 Ky. Acts ch. 164, sec. 11, effective July 1, 2010. -- Amended
2008 Ky. Acts ch. 78, sec. 19, effective July 1, 2008. -- Amended 2004 Ky. Acts <br>ch. 121, sec. 20, effective July 13, 2004. -- Amended 1994 Ky. Acts ch. 369, sec. 20, <br>effective July 1, 1994. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, <br>sec. 532, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 363, sec. 16, <br>effective July 1, 1988. -- Amended 1978 Ky. Acts ch. 152, sec. 15, effective March <br>28, 1978. -- Amended 1976 Ky. Acts ch. 351, sec. 19, effective July 1, 1976. -- <br>Amended 1962 Ky. Acts ch. 64, sec. 15. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, <br>effective October 1, 1942, from Ky. Stat. sec. 4506b-48.
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