2013 Kentucky Revised Statutes CHAPTER 161 - SCHOOL EMPLOYEES -- TEACHERS' RETIREMENT AND TENURE 161.650 Death of retired member -- Payment to beneficiaries -- Effect of divorce decree -- Failure to designate beneficiary.
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161.650 Death of retired member -- Payment to beneficiaries -- Effect of
divorce decree -- Failure to designate beneficiary.
(1)
(2)
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.
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. 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. Cobeneficiaries shall be composed of a
single class of individuals, or trusts where permitted, who will share in equal
proportions in any payment that may become available under this section. 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 or all designated beneficiaries predecease the
member, any remaining accumulated member contributions shall be payable to
the member's estate.
Effective:July 1, 2008
History: Amended 2008 Ky. Acts ch. 78, sec. 21, effective July 1, 2008. -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.
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