2013 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM 61.540 Statement of member and employer -- Summary plan description.
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61.540 Statement of member and employer -- Summary plan description.
(1)
(2)
(3)
(4)
(5)
Under administrative regulations promulgated by the board, each member and
each employer shall have on file at the retirement office, in the form the board
prescribes, a statement of the facts pertaining to the member and other
information the system requires. Until the statement is filed, no member shall
be eligible to receive any benefits under KRS 61.510 to 61.705 and 78.510 to
78.852.
The system shall prepare and make available upon request to all members a
summary plan description, written in a manner that can be understood by the
average member or beneficiary, and sufficiently accurate and comprehensive
to reasonably apprise them of their rights and obligations under the provisions
of KRS 16.505 to 16.652, 61.510 to 61.705 and 78.510 to 78.852.
The summary plan description shall include:
(a) The name of the retirement system, the name and address of the
executive director, 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 reasonable 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 system 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 shall be made available upon request to
members in the form of a supplement to a comprehensive booklet, or reported
in the periodic newsletter.
The system shall make available upon request to retirees and beneficiaries the
summary plan description.
Effective:June 25, 2009
History: Amended 2009 Ky. Acts ch. 77, sec. 8, effective June 25, 2009. -Amended 2003 Ky. Acts ch. 169, sec. 8, effective March 31, 2003. -- Amended
1992 Ky. Acts ch. 240, sec. 15, effective July 14, 1992. -- Amended 1988 Ky.
Acts ch. 349, sec. 12, effective July 15, 1988. -- Amended 1980 Ky. Acts
ch. 246, sec. 12, effective July 15, 1980. -- Amended 1976 Ky. Acts ch. 321,
sec. 40. -- Amended 1972 Ky. Acts ch. 116, sec. 26. -- Amended 1962 Ky. Acts
ch. 58, sec. 5. -- Created 1956 Ky. Acts ch. 110, sec. 7.
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