2013 Kentucky Revised Statutes CHAPTER 161 - SCHOOL EMPLOYEES -- TEACHERS' RETIREMENT AND TENURE 161.480 Statement of member -- Designation of beneficiaries.
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161.480 Statement of member -- Designation of beneficiaries.
Each person, upon becoming a member of the retirement system, shall file a
detailed statement as required by the board of trustees and shall designate a
primary beneficiary or two (2) or more cobeneficiaries to receive any benefits
accruing from the death of the member. A contingent beneficiary may be designated
in addition to the primary beneficiary or cobeneficiaries. The member may name
more than one (1) contingent beneficiary. Any beneficiary designation made by the
member, including the estate should the estate become the beneficiary by default,
shall remain in effect until changed by the member on forms prescribed by the
Kentucky Teachers' Retirement System, except in the event of subsequent marriage
or divorce. Subsequent marriage by the member shall void the primary beneficiary
and any cobeneficiary designation, even that of a trust, and the spouse of the
member at death shall be considered as the primary beneficiary, unless the member
subsequent to marriage designates another beneficiary. A final divorce decree shall
terminate an ex-spouse's status as either primary beneficiary, cobeneficiary, or
contingent beneficiary, unless subsequent to divorce the member redesignates the
former spouse as primary beneficiary, cobeneficiary, or contingent beneficiary. To
the extent permitted by the Internal Revenue Code, a trust may be designated as
beneficiary for receipt of a member's contributions to the retirement system as
provided under KRS 161.470(7). 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 a member fails to designate a beneficiary, or all
designated beneficiaries predecease the member, the member's estate shall be
deemed to be the beneficiary. Members may designate as beneficiaries only
presently identifiable and existing individuals, or trusts where otherwise permitted,
without contingency instructions, on forms prescribed by the retirement system. The
provisions of this section shall be retroactive as they relate to election of
beneficiaries by members still in active status on the effective date of this section.
The provisions of this section shall not apply to any account from which a member is
drawing a retirement allowance or to the life insurance benefit available under KRS
161.655.
Effective:July 1, 2010
History: Amended 2010 Ky. Acts ch. 164, sec. 5, effective July 1, 2010. -Amended 2008 Ky. Acts ch. 78, sec. 5, effective July 1, 2008. -- Amended 2004
Ky. Acts ch. 121, sec. 6, effective July 1, 2004. -- Amended 2002 Ky. Acts
ch. 275, sec. 12, effective July 1, 2002. -- Amended 1994 Ky. Acts ch. 369,
sec. 6, effective July 1, 1994.
Amended 1992 Ky. Acts ch. 192, sec. 5,
effective July 1, 1992. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V,
sec. 504, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 363, sec. 6,
effective July 1, 1988. -- Amended 1978 Ky. Acts ch. 152, sec. 6, effective
March 28, 1978. -- Amended 1976 Ky. Acts ch. 351, sec. 6, effective July 1,
1976. -- Amended 1966 Ky. Acts ch. 16, sec. 3. -- Amended 1964 Ky. Acts
ch. 43, sec. 8. -- Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1,
1942, from Ky. Stat. sec. 4506b-29.
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