2014 Kentucky Revised Statutes CHAPTER 61 - GENERAL PROVISIONS AS TO OFFICES AND OFFICERS -- SOCIAL SECURITY FOR PUBLIC EMPLOYEES -- EMPLOYEES RETIREMENT SYSTEM 61.623 Electronic fund transfer of retirement allowance required -- Exceptions.
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61.623 Electronic
Exceptions.
(1)
(2)
(3)
(4)
(5)
fund
transfer
of
retirement
allowance
required
--
A recipient who begins receiving a retirement allowance August 1, 2000, or
after, from the Kentucky Employees Retirement System, the County
Employees Retirement System, or the State Police Retirement System shall
have the retirement allowance paid by electronic fund transfer to a financial
institution designated by the recipient except as provided by subsection (5) of
this section.
When an individual becomes eligible to receive a monthly retirement
allowance, the retirement system shall provide an authorization for deposit of
retirement payment form to the recipient to have the monthly retirement
allowance deposited to an account in a financial institution.
The recipient shall provide the information and authorization required for the
electronic transfer of funds from the State Treasurer's office to the designated
financial institution.
At any time while receiving a retirement allowance, the recipient may change
the designated institution by completing a new authorization for deposit of
retirement payment form and filing the form at the retirement office in Frankfort.
The last authorization for deposit of retirement payment on file at the retirement
office shall control the electronic transfer of the recipients retirement
allowance.
(a) A recipient may request to be paid by check issued by the State
Treasurer instead of by electronic transfer by completing and filing at the
retirement office a request for payment by check form.
(b) The request shall be approved if:
1.
The recipient certifies that he does not currently have an account
with a financial institution; or
2.
The recipients bank certifies that it does not participate in the
electronic funds transfer program.
(c) The retirement office shall, every five (5) years, require the recipient to
certify that the original conditions under which he requested payment by
check continue. If the original conditions do not exist, the recipient shall
complete an authorization for direct deposit of retirement payment form
and file it with the retirement office.
Effective:June 25, 2009
History: Amended 2009 Ky. Acts ch. 77, sec. 16, effective June 25, 2009. -Amended 2008 Ky. Acts ch. 89, sec. 1, effective July 15, 2008. -- Amended
2004 Ky. Acts ch. 36, sec. 20, effective July 13, 2004. -- Created 2000 Ky. Acts
ch. 385, sec. 30, effective July 14, 2000.
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