2013 Kentucky Revised Statutes CHAPTER 161 - SCHOOL EMPLOYEES -- TEACHERS' RETIREMENT AND TENURE 161.525 Death of member eligible to retire -- Options of beneficiary -- Monthly minimum allowance to surviving spouse.
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161.525 Death of member eligible to retire -- Options of beneficiary -- Monthly
minimum allowance to surviving spouse.
(1)
(2)
(3)
Upon death of a member in active contributing status at the time of death, who
was eligible to retire by reason of service, the spouse, if named as the primary
beneficiary of the member's retirement account, or in the absence of an eligible
spouse a legal dependent of the member, if named as the primary beneficiary,
shall be entitled to elect, in lieu of a refund of the member's account or benefits
provided in KRS 161.520, an annuity actuarially equivalent at the attained age
of the beneficiary to the annuity that would have been paid to the deceased
member had retirement been effective on the day immediately preceding the
member's death. Under the provisions of KRS 61.680, benefits shall be
processed as if the member retired for service. In exercising this right the
spouse or legal dependent shall be limited to selecting an option providing
either a straight life annuity with refundable balance or a term certain option. A
spouse may receive the annuity provided by this section at the same time as
children are qualifying for survivors' benefits under the provisions of KRS
161.520; however, a legal dependent, other than a spouse, may not receive
these payments if children have qualified for benefits under that section.
A spouse qualifying for an annuity under subsection (1) of this section may
defer the payments in order to reduce the actuarial discounts to be applied due
to age.
Upon death of a member in active contributing status at the time of his death,
who had a minimum of twenty-seven (27) years of service, the spouse, if
named as the primary beneficiary of the member's account shall be entitled to
a monthly minimum allowance of three hundred dollars ($300) as the basic
straight life annuity. This provision applies to surviving spouses of members
who were receiving benefit payments under KRS 161.520 as of June 30, 1986,
and to surviving spouses of members who die on or after July 1, 1986.
Effective:July 1, 2004
History: Amended 2004 Ky. Acts ch. 121, sec. 10, effective July 1, 2004. -Amended 1996 Ky. Acts ch. 359, sec. 7, effective July 1, 1996. -- Amended
1994 Ky. Acts ch. 369, sec. 10, effective July 1, 1994. -- Amended 1990 Ky.
Acts ch. 442, sec. 9, effective July 1, 1990; and ch. 476, Pt. V, sec. 512,
effective July 13, 1990. -- Amended 1986 Ky. Acts ch. 440, sec. 8, effective July
1, 1986. -- Amended 1976 Ky. Acts ch. 351, sec. 11, effective July 1, 1976. -Amended 1968 Ky. Acts ch. 136, sec. 7. -- Created 1964 Ky. Acts ch. 43,
sec. 22.
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