2006 Kentucky Revised Statutes - .650   Death of retired member -- Payment to beneficiaries -- Effect of divorce decree -- Failure to designate beneficiary.

161.650 Death of retired member -- Payment to beneficiaries -- Effect of divorce decree -- Failure to designate beneficiary. (1) In the case of death of a member who has retired by reason of service or disability, any portion of the member's accumulated contributions, including member contributions to the state accumulation fund and regular interest to the date of retirement, that has not, and will not be paid as an allowance or benefit shall be paid to the member's beneficiary in such manner as the board of trustees elects. (2) The member may designate a primary beneficiary or two (2) or more cobeneficiaries to receive any remaining accumulated member contributions payable under this section. A contingent beneficiary may be designated in addition to the primary beneficiary or the cobeneficiaries. The member may designate two (2) or more contingent beneficiaries. To the extent permitted by the Internal Revenue Code, a trust may be designated as beneficiary for receipt of any remaining accumulated member contributions. Any beneficiary designation made by the member shall remain in effect until changed by the member on forms prescribed by the retirement system, except in the event of subsequent divorce. A final divorce decree shall terminate the beneficiary status of an ex-spouse unless, subsequent to divorce, the member redesignates the former spouse as a beneficiary. A final divorce decree shall not terminate the designation of a trust as beneficiary regardless of who is designated as beneficiary of the trust. In the event that the member fails to designate a beneficiary, any remaining accumulated member contributions shall be payable to the member's estate. Effective: July 1, 2004 History: Amended 2004 Ky. Acts ch. 121, sec. 22, effective July 1, 2004. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 534, effective July 13, 1990. -- Amended 1976 Ky. Acts ch. 35, sec. 20, effective July 1, 1976. -- Amended 1972 Ky. Acts ch. 82, sec. 22. -- Amended 1962 Ky. Acts ch. 64, sec. 16. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b- 47.