2021 Kentucky Revised Statutes Chapter 161 - School employees -- teachers' retirement and tenure 161.525 Death of member eligible to retire -- Options of beneficiary -- Monthly minimum allowance to surviving spouse of individual who becomes member before January 1, 2019. (Declared void -- See LRC Note Below) (Effective until January 1, 2022).
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161.525 Death of member eligible to retire -- Options of beneficiary -- Monthly
minimum allowance to surviving spouse of individual who becomes member
before January 1, 2019. (Declared void -- See LRC Note Below)
(1)
(2)
(3)
Upon death of a member in active contributing status at the time of death, who was
eligible to retire by reason of service, the spouse, if named as the primary
beneficiary of the member's retirement account, or in the absence of an eligible
spouse a legal dependent of the member, if named as the primary beneficiary, shall
be entitled to elect, in lieu of a refund of the member's accumulated account balance
or benefits provided in KRS 161.520, an annuity actuarially equivalent at the
attained age of the beneficiary to the annuity that would have been paid to the
deceased member had retirement been effective on the day immediately preceding
the member's death. Under the provisions of KRS 61.680, benefits shall be
processed as if the member retired for service. In exercising this right the spouse or
legal dependent shall be limited to selecting an option providing either a straight life
annuity with refundable balance or a term certain option. A spouse may receive the
annuity provided by this section at the same time as children are qualifying for
survivors' benefits under the provisions of KRS 161.520; however, a legal
dependent, other than a spouse, may not receive these payments if children have
qualified for benefits under that section.
A spouse qualifying for an annuity under subsection (1) of this section may defer
the payments in order to reduce the actuarial discounts to be applied due to age.
Upon death of a member in active contributing status at the time of his death, who
had a minimum of twenty-seven (27) years of service, the spouse, if named as the
primary beneficiary of the member's account shall be entitled to a monthly
minimum allowance of three hundred dollars ($300) as the basic straight life
annuity. This provision applies to surviving spouses of members who were
receiving benefit payments under KRS 161.520 as of June 30, 1986, and to
surviving spouses of members who die on or after July 1, 1986. This subsection
does not apply to individuals who become members on or after January 1, 2019.
Effective: July 14, 2018
History: Amended 2018 Ky. Acts ch. 107, sec. 56, effective July 14, 2018. -- Amended
2004 Ky. Acts ch. 121, sec. 10, effective July 1, 2004. -- Amended 1996 Ky. Acts ch.
359, sec. 7, effective July 1, 1996. -- Amended 1994 Ky. Acts ch. 369, sec. 10,
effective July 1, 1994. -- Amended 1990 Ky. Acts ch. 442, sec. 9, effective July 1,
1990; and ch. 476, Pt. V, sec. 512, effective July 13, 1990. -- Amended 1986 Ky.
Acts ch. 440, sec. 8, effective July 1, 1986. -- Amended 1976 Ky. Acts ch. 351, sec.
11, effective July 1, 1976. -- Amended 1968 Ky. Acts ch. 136, sec. 7. -- Created
1964 Ky. Acts ch. 43, sec. 22.
Legislative Research Commission Note (12/13/2018). On December 13, 2018, the
Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch.
107), did not comply with the three-readings rule of Kentucky Constitution Section
46 and that the legislation is, therefore, constitutionally invalid and declared void.
That ruling applies to changes made to this statute in that Act.
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