Download as PDF
161.655 Life insurance benefit -- Assignment of benefit.
(1)
(2)
(3)
(4)
(5)
Effective July 1, 2000, the Teachers' Retirement System shall:
(a) Provide a life insurance benefit in a minimum amount of five thousand
dollars ($5,000) for its members who are retired for service or disability.
This life insurance benefit shall be payable upon the death of a member
retired for service or disability to the member's estate or to a party
designated by the member on a form prescribed by the retirement
system; and
(b) Provide a life insurance benefit in a minimum amount of two thousand
dollars ($2,000) for its active contributing members. This life insurance
benefit shall be payable upon the death of an active contributing member
to the member's estate or to a party designated by the member on a form
prescribed by the retirement system.
The member may name one (1) primary and one (1) contingent beneficiary for
receipt of the life insurance benefit. To the extent permitted by the Internal
Revenue Code, a trust may be designated as beneficiary for receipt of the life
insurance benefit. 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.
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. 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 retirement
system, except in the event of subsequent marriage or divorce. A valid
marriage license shall terminate any previously designated beneficiary, even
that of a trust, and establish the spouse as beneficiary unless, subsequent
proof of the marriage, the member or retired member redesignates someone
other than the new spouse as the beneficiary. 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.
Application for payment of life insurance proceeds shall be made to the
Teachers' Retirement System together with acceptable evidence of death and
eligibility. The reciprocal provisions of KRS 61.680(2)(a) shall not apply to the
coverage and payment of proceeds by the life insurance benefit under this
section.
Suit or civil action shall not be required for the collection of the proceeds of the
life insurance benefit provided for by this section, but nothing in this section
shall prevent the maintenance of suit or civil action against the beneficiary or
legal representative receiving the proceeds of the life insurance benefit.
Upon the death of a member of the Teachers' Retirement System, the life
insurance provided pursuant to subsection (1) of this section may be assigned
by the designated beneficiary to a bank or licensed funeral home.
Effective:June 8, 2011
History: Amended 2011 Ky. Acts ch. 68, sec.
2, effective June 8, 2011. --
Amended 2010 Ky. Acts ch. 164, sec. 12, effective July 1, 2010. -- Amended
2008 Ky. Acts ch. 78, sec. 22, effective July 1, 2008. -- Amended 2004 Ky. Acts
ch. 121, sec. 23, effective July 1, 2004. -- Amended 2002 Ky. Acts ch. 275,
sec. 30, effective July 1, 2002. -- Amended 2000 Ky. Acts ch. 498, sec. 20,
effective July 1, 2000. -- Amended 1998 Ky. Acts ch. 515, sec. 14, effective July
1, 1998. -- Amended 1996 Ky. Acts ch. 359, sec. 16, effective July 1, 1996. -Amended 1992 Ky. Acts ch. 192, sec. 14, effective July 1, 1992. -- Repealed
and reenacted 1990 Ky. Acts ch. 476, Pt. V, sec. 535, effective July 13, 1990. -Amended 1988 Ky. Acts ch. 363, sec. 17, effective July 1, 1988. -- Amended
1980 Ky. Acts ch. 206, sec. 11, effective July 1, 1980. -- Amended 1978 Ky.
Acts ch. 152, sec. 16, effective March 28, 1978. -- Amended 1970 Ky. Acts
ch. 54, sec. 3. -- Amended 1968 Ky. Acts ch. 136, sec. 12. -- Amended 1964 Ky.
Acts ch. 43, sec. 16. -- Amended 1962 Ky. Acts ch. 64, sec. 17. -- Created 1958
Ky. Acts ch. 7, sec. 4.
Disclaimer: These codes may not be the most recent version. Kentucky may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.