2021 Kentucky Revised Statutes
Chapter 161 - School employees -- teachers' retirement and tenure
161.630 Benefit options -- Change in benefit option by retiree -- Beneficiary redesignation after retirement. (Effective January 1, 2022).
Universal Citation:
KY Rev Stat § 161.630 (2021)
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161.630
Benefit options -- Change in benefit option by retiree -- Beneficiary
redesignation after retirement. (Effective January 1, 2022)
(1)
(2)
(3)
(4)
(a)
A member, upon retirement, shall receive a retirement allowance in the form
of a life annuity, with refundable balance, as provided in KRS 161.620, unless
an election is made before the effective date of retirement to receive
actuarially equivalent benefits under options which the board of trustees
approves.
(b) An individual who is participating in the supplemental benefit component as
provided by KRS 161.635 or 161.636 may, before the effective date of
retirement, elect to receive his or her accumulated account balance accrued in
the supplemental benefit component annuitized into a monthly payment under
one (1) of the actuarial equivalent payment options approved by the board of
trustees.
(c) No option shall provide for a benefit with an actuarial value at the age of
retirement greater than that provided in KRS 161.620, 161.635(5)(a), or
161.636(5)(a), as applicable. This section does not apply to disability
allowances as provided in KRS 161.661(1).
The retirement option chosen by a retiree at the time of service retirement shall
remain in force unless the retiree elects to make a change under the following
conditions:
(a) A divorce, annulment, or marriage dissolution following retirement shall, at
the election of the retiree, cancel any optional plan selected at retirement that
provides indefinitely continuing benefits to a spousal beneficiary and return
the retiree to a single lifetime benefit equivalent as determined by the board;
or
(b) Following marriage or remarriage, or the death of the designated beneficiary, a
retiree may elect a new optional plan of payment based on the actuarial
equivalent of a single lifetime benefit at the time of the election, as determined
by the board. The plan shall become effective the first of the month following
receipt of an application on a form approved by the board.
Except as otherwise provided in this section, a beneficiary designation shall not be
changed after the effective date of retirement except for retirees who elect the life
annuity with refundable balance or the predetermined years certain and life
thereafter option. A member may remove a beneficiary at any time, but shall not
designate a substitute beneficiary. If a member elects to remove a beneficiary, the
member's retirement allowance shall not change regardless of the retirement option
selected by the member, even if the removed beneficiary predeceases the member.
A member who experiences a qualifying event under subsection (2) of this section
and who elects a new optional plan of payment shall make that election within sixty
(60) days of the qualifying event.
Effective: January 1, 2022
History: Repealed, reenacted, and amended 2021 Ky. Acts ch. 157, sec. 36, effective
January 1, 2022; and amended ch. 192, sec. 20, effective June 29, 2021. -- Amended
2018 Ky. Acts ch. 107, sec. 75, effective July 14, 2018. -- Amended 2010 Ky. Acts
ch. 164, sec. 11, effective July 1, 2010. -- Amended 2008 Ky. Acts ch 192, sec. 20,
effective January 1, 2022; and ch. 78, sec. 19, effective July 1, 2008. -- Amended
2004 Ky. Acts ch. 121, sec. 20, effective July 13, 2004. -- Amended 1994 Ky. Acts
ch. 369, sec. 20, effective July 1, 1994. -- Repealed and reenacted 1990 Ky. Acts ch.
476, Pt. V, sec. 532, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 363, sec.
16, effective July 1, 1988. -- Amended 1978 Ky. Acts ch. 152, sec. 15, effective
March 28, 1978. -- Amended 1976 Ky. Acts ch. 351, sec. 19, effective July 1, 1976. - Amended 1962 Ky. Acts ch. 64, sec. 15. -- Recodified 1942 Ky. Acts ch. 208, sec.
1, effective October 1, 1942, from Ky. Stat. sec. 4506b-48.
Legislative Research Commission Note (1/1/2022). This statute was amended by 2021
Ky. Acts chs. 157 and 192, which do not appear to be in conflict and have been
codified together.
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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