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 -- Repealed and reenacted 1990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