2021 Kentucky Revised Statutes
Chapter 161 - School employees -- teachers' retirement and tenure
161.650 Death of retired member -- Payment to beneficiaries -- Effect of subsequent marriage or divorce -- Failure to designate beneficiary. (Effective until January 1, 2022).
Universal Citation:
KY Rev Stat § 161.650 (2021)
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161.650
Death of retired member -- Payment to beneficiaries -- Effect of
subsequent marriage or divorce -- Failure to designate beneficiary.
(Effective until January 1, 2022)
(1)
(2)
In the case of death of a member who has retired by reason of service or
disability, any portion of the member's accumulated contributions, including
member contributions to the state accumulation fund and regular interest to the
date of retirement, that has not, and will not be paid as an allowance or benefit
shall be paid to the member's beneficiary in such manner as the board of
trustees elects.
(a) The member may designate a primary beneficiary or two (2) or more
cobeneficiaries to receive any remaining accumulated member
contributions payable under this section.
(b) A contingent beneficiary may be designated in addition to the primary
beneficiary or the cobeneficiaries. The member may designate two (2) or
more contingent beneficiaries.
(c) To the extent permitted by the Internal Revenue Code, a trust may be
designated as beneficiary for receipt of any remaining funds of the
member's accumulated contributions.
(d) Members may designate as beneficiaries only presently identifiable and
existing individuals, or trusts where otherwise permitted, without
contingency instructions, on forms prescribed by the retirement system.
Cobeneficiaries shall be composed of a single class of individuals, or
trusts where permitted, who will share in equal proportions in any
payment that may become available under this section.
(e) 1.
Any beneficiary designation made by the member shall remain in
effect until changed by the member on forms prescribed by the
retirement system, except in the event of subsequent marriage or
divorce.
2.
Subsequent marriage by the member shall void the primary
beneficiary and any cobeneficiary designation, even that of a trust,
and the spouse of the member at death shall be considered as the
primary beneficiary, unless the member subsequent to marriage
designates another beneficiary. An individual who is married prior to
becoming a retired member of the retirement system and remains
married at the time of becoming a retired member shall have his or
her spouse considered the primary beneficiary, unless the member
designates another beneficiary for any amounts payable under
subsection (1) of this section.
3.
A final divorce decree shall terminate the beneficiary status of an
ex-spouse unless, subsequent to divorce, the member redesignates
the former spouse as a beneficiary. A final divorce decree shall not
terminate the designation of a trust as beneficiary regardless of who
is designated as beneficiary of the trust.
(f) In the event that the member fails to designate a beneficiary or all
designated beneficiaries predecease the member, any remaining
accumulated member contributions shall be payable to the member's
estate, unless the member is married at the time of his or her death, in
which case any remaining contributions shall be payable to his or her
spouse.
Effective:June 29, 2021
History: Amended 2021 Ky. Acts ch. 192, sec. 22, effective June 29, 2021. -Amended 2018 Ky. Acts ch. 107, sec. 78, effective July 14, 2018. -- Amended
2008 Ky. Acts ch. 78, sec. 21, effective July 1, 2008. -- Amended 2004 Ky. Acts
ch. 121, sec. 22, effective July 1, 2004. -- Repealed and reenacted 1990 Ky.
Acts ch. 476, Pt. V, sec. 534, effective July 13, 1990. -- Amended 1976 Ky. Acts
ch. 35, sec. 20, effective July 1, 1976. -- Amended 1972 Ky. Acts ch. 82, sec.
22. -- Amended 1962 Ky. Acts ch. 64, sec. 16. -- Recodified 1942 Ky. Acts ch.
208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b-47.
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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