2013 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM 61.630 Death after retirement -- Refund of contributions.
Download as PDF
61.630 Death after retirement -- Refund of contributions.
(1)
(2)
(3)
(4)
(5)
If a retired member who did not elect an optional retirement plan dies at any
time on or after the first day of the month in which the member received or
would have received his or her first retirement allowance but before receiving
total retirement allowances provided in KRS 16.510 to 16.652, KRS 61.515 to
61.705, and KRS 78.520 to 78.852 at least equal to his accumulated
contributions as of the date of his retirement, the difference between the
accumulated contributions and the total allowances shall be payable in a lump
sum to the properly designated beneficiary. If a living person designated as the
beneficiary predeceases the retired member, the estate shall become the
beneficiary. If a spouse designated as the beneficiary is divorced from the
retired member as of the member's death, the estate shall become the
beneficiary.
If a retired member who elected an optional retirement plan and his beneficiary
both die at any time on or after the first day of the month in which the member
received or would have received his or her first retirement allowance but before
receiving total retirement allowances provided in KRS 16.510 to 16.652, KRS
61.515 to 61.705, and KRS 78.520 to 78.852 at least equal to the retired
member's accumulated contributions as of the date of his retirement, the
difference between the accumulated contributions and the total allowances
shall be payable in a lump sum to the estate of the last deceased, except that
the retired member's estate shall receive the payment if the beneficiary was the
spouse and they were divorced as of the date of the member's death. If the
retired member and beneficiary die simultaneously, the estate of the retired
member shall become the beneficiary.
If a beneficiary receiving a lifetime retirement allowance under KRS 16.578 or
61.640 dies before receiving total retirement allowances provided in KRS
16.510 to 16.652, KRS 61.515 to 61.705, and KRS 78.520 to 78.852 at least
equal to the member's accumulated contributions as of the date of the
member's death, the difference between the accumulated contributions and the
total allowances shall be payable in a lump sum to the estate of the beneficiary.
If a beneficiary receiving a retirement allowance for sixty (60) or one hundred
twenty (120) months certain under KRS 16.576, 16.578, or 61.640, or a
beneficiary receiving a retirement allowance under KRS 61.635(5), (6), or (7),
dies before receiving all payments under the plan, the executor or administrator
of his estate shall receive a lump sum payment which shall be the actuarial
equivalent to the remaining payments.
If the system is unable to verify a recipient's whereabouts or whether the
recipient is living, the system shall suspend the recipient's retirement
allowance. If the recipient is located, the system shall restore to the recipient all
suspended retirement allowances.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 173, sec. 5, effective July 15, 2010. -Amended 2009 Ky. Acts ch. 77, sec. 17, effective June 25, 2009. -- Amended
2004 Ky. Acts ch. 36, sec. 21, effective July 13, 2004. -- Amended 1996 Ky.
Acts ch. 167, sec. 13, effective July 15, 1996. -- Amended 1992 Ky. Acts
ch. 240, sec. 36, effective July 14, 1992. -- Amended 1986 Ky. Acts ch. 90,
sec. 30, effective July 15, 1986. -- Amended 1980 Ky. Acts ch. 186, sec. 21,
effective July 15, 1980. -- Amended 1976 Ky. Acts ch. 321, secs. 25 and 40. -Amended 1972 Ky. Acts ch. 116, sec. 44. -- Amended 1968 Ky. Acts ch. 26,
sec. 3. -- Amended 1960 Ky. Acts ch. 165, Part II, sec. 11. -- Created 1956 Ky.
Acts ch. 110, sec. 25.
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.