2013 Kentucky Revised Statutes CHAPTER 161 - SCHOOL EMPLOYEES -- TEACHERS' RETIREMENT AND TENURE 161.580 Individual accounts to be kept -- Other data -- Summary plan description -- Publication -- Recipients.
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161.580 Individual accounts to be kept -- Other data -- Summary plan
description -- Publication -- Recipients.
(1)
(2)
(3)
(4)
(5)
The board of trustees shall provide for the maintenance of an individual
account for each member showing the amount of the member's contribution
and interest accumulations. Such individual accounts shall be identified in the
records of the system by name, date of birth, and Social Security number. It
shall collect and keep in convenient form such data as is necessary for the
preparation of the required mortality and service tables and for the compilation
of such other information as is required for the actuarial valuation of the assets
and liabilities of the various funds of the retirement system.
The board shall prepare and furnish to all active contributing members a
summary plan description, written in a manner calculated to be understood by
the average member or annuitant, and sufficiently accurate and comprehensive
to reasonably apprise them of their rights and obligations under the Teachers'
Retirement System. The board may furnish the summary plan description by
posting it on the retirement system's Web site.
The summary plan description shall include:
(a) The name of the retirement system, the name and address of the
executive secretary, and the name, address, and title of each member of
the board of trustees;
(b) The name and address of the person designated for the service of legal
process;
(c) The system's requirements for participation and benefits;
(d) A description of retirement formulas for normal, early, and disability
retirement, and survivor benefits;
(e) A description of the requirements for vesting of pension benefits;
(f) A list of circumstances which would result in disqualification, ineligibility,
or denial or loss of benefits;
(g) The sources of financing retirement benefits, and statutory requirements
for funding;
(h) A statement after each actuarial valuation as to whether funding
requirements are being met; and
(i) The procedures to be followed in presenting claims for benefits under the
plan, and the remedies available under the plan for the redress of claims
which are denied in whole or in part.
The board may publish the summary plan description in the form of a
comprehensive pamphlet or booklet, or in the form of periodic newsletters
which shall incorporate all the information required in the summary plan
description within a period of two (2) years. Any changes in statutory
requirements or administrative practices which alter the provisions of the plan
as described in the summary plan description shall be summarized as required
in subsection (2) of this section and furnished to active contributing members in
the form of a supplement to a comprehensive booklet, or reported in the
periodic newsletter.
The board shall provide to annuitants so much of the summary plan description
as they need to understand changes in benefits which apply to them.
Effective:July 1, 2008
History: Amended 2008 Ky. Acts ch. 78, sec. 12, effective July 1, 2008. -Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 520, effective July
13, 990. -- Amended 1980 Ky. Acts ch. 246, sec. 13, effective July 15, 1980. -Amended 1976 Ky. Acts ch. 351, sec. 14, effective July 1, 1976. -- Recodified
1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat.
sec. 4506b-39.
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