2014 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM 61.590 Filing of Notification of Retirement and Estimated Retirement Allowance forms -- Selection of payment option -- Effective date.
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61.590 Filing of Notification of Retirement and Estimated Retirement
Allowance forms -- Selection of payment option -- Effective date.
(1)
(2)
(3)
(4)
(5)
A member or beneficiary eligible to receive retirement benefits under any of the
provisions of KRS 61.510 to 61.705, 78.510 to 78.852, and 16.510 to 16.652
shall have on file at the retirement office on the form prescribed by the board,
notification of retirement, giving his name, address, Social Security number,
last day of employment, and other information the system may require. The
form entitled "Notification of Retirement" shall not be filed more than six (6)
months before the member's effective retirement date.
Within ten (10) days of the receipt of the form entitled "Notification of
Retirement" submitted within two (2) months of the effective date of retirement,
the system shall cause to be prepared an estimate of the amounts the member
or beneficiary may expect to receive under the various plans available to the
member or beneficiary. This information shall be recorded on a form entitled
"Estimated Retirement Allowance" and forwarded to the member or beneficiary.
If the member submits a form entitled "Notification of Retirement" more than
two (2) months prior to the effective retirement date, the system shall provide
the form entitled "Estimated Retirement Allowance" within forty-five (45) days of
the member's effective retirement date.
The member or beneficiary shall file at the retirement office the form entitled
"Estimated Retirement Allowance" after he has checked the payment option of
his choice, signed the document, and had his signature witnessed. A member
shall not have the right to select a different payment option after the first day of
the month in which the member receives his or her first retirement allowance or
after the effective date of a deferred retirement option as provided by
subsection (6) of this section. A beneficiary shall not have the right to select a
different payment option after the effective date of the beneficiary's retirement
allowance as provided in subsection (7) of this section.
A member or beneficiary choosing a monthly payment option shall have on file
at the retirement office his birth certificate or other acceptable evidence of date
of birth. If a survivorship option is chosen, proof of dates of birth of the
beneficiary and member shall be on file at the retirement office.
(a) The effective date of normal retirement shall be the first month following
the month in which employment was terminated from a regular full-time
position.
(b) The effective date of disability retirement shall be the first month following
the month in which the member's last day of paid employment in a regular
full-time position occurred, provided the member files the form entitled
"Estimated Retirement Allowance" no later than six (6) months following
the date the notification of approval for disability retirement benefits is
mailed. If the member fails to file the form entitled "Estimated Retirement
Allowance" within six (6) months of the date the notification of approval for
disability retirement benefits is mailed, then the member's form entitled
"Notification of Retirement" shall be void. The member shall be required
to submit a new form entitled "Notification of Retirement" to apply for
disability retirement and reestablish eligibility for disability retirement
benefits.
(c)
(6)
(7)
The effective date of early retirement shall be the first month following the
month the form entitled "Notification of Retirement" is filed at the
retirement office or a future month designated by the member, if
employment in a regular full-time position has been terminated and if the
member files the form entitled "Estimated Retirement Allowance" no later
than six (6) months following termination. If the member fails to file the
form entitled "Estimated Retirement Allowance" within six (6) months
following the effective retirement date of the member, then the member's
form entitled "Notification of Retirement" shall be void and the member
shall be required to submit a new form entitled "Notification of Retirement"
to apply for early retirement.
The effective date of a deferred retirement option as provided under KRS
16.576(5) shall be the month following age sixty-five (65), or the month
following written notification from the member that he wishes to begin receiving
retirement payments. In the event of the death of a member who has deferred
his retirement allowance, the effective date of retirement shall be the month
following the member's death.
Notwithstanding the provisions of KRS 16.578 or 61.640, the effective date of a
beneficiary's retirement allowance under normal, early, or disability retirement
shall be as prescribed in subsection (5) or (6) of this section if the member dies
before the first day of the month in which the member would have received his
or her first retirement allowance and his beneficiary becomes eligible for
payments under KRS 16.578 or 61.640.
Effective:July 15, 2010
History: Amended 2010 Ky. Acts ch. 173, sec. 4, effective July 15, 2010. -Amended 2009 Ky. Acts ch. 77, sec. 14, effective June 25, 2009. -- Amended
2004 Ky. Acts ch. 36, sec. 13, effective July 13, 2004. -- Amended 2002 Ky.
Acts ch. 52, sec. 7, effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 385,
sec. 18, effective July 14, 2000. -- Amended 1994 Ky. Acts ch. 485, sec. 14,
effective July 15, 1994. Amended 1992 Ky. Acts ch. 240, sec. 27, effective
July 14, 1992. -- Amended 1988 Ky. Acts ch. 349, sec. 18, effective July 15,
1988. -- Amended 1980 Ky. Acts ch. 186, sec. 20, effective July 15, 1980. -Amended 1976 Ky. Acts ch. 321, sec. 20. -- Amended 1974 Ky. Acts ch. 128,
sec. 18. -- Amended 1972 Ky. Acts ch. 116, sec. 35. -- Amended 1966 Ky. Acts
ch. 35, sec. 7. -- Amended 1964 Ky. Acts ch. 86, sec. 3. -- Amended 1962 Ky.
Acts ch. 58, sec. 9. -- Created 1956 Ky. Acts ch. 110, sec. 17.
Legislative Research Commission Note (7/13/2004). Although KRS 61.590 was
included in 2004 Ky. Acts ch. 36, sec. 13, as having been amended, the change
in wording was deleted by House Floor Amendment No. 2 to the House
Committee Substitute.
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