2021 Kentucky Revised Statutes
Chapter 161 - School employees -- teachers' retirement and tenure
161.655 Life insurance benefit for individuals who became members before January 1, 2019 -- Assignment of benefit. (Effective until January 1, 2022).
Universal Citation:
KY Rev Stat § 161.655 (2021)
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161.655 Life insurance benefit for individuals who became members before
January 1, 2019 -- Assignment of benefit. (Effective until January 1, 2022)
(1)
(2)
Effective July 1, 2000, the Teachers' Retirement System shall for those
individuals who became members prior to January 1, 2019:
(a) Provide a life insurance benefit in a minimum amount of five thousand
dollars ($5,000) for its members who are retired for service or disability.
This life insurance benefit shall be payable upon the death of a member
retired for service or disability to the member's estate or to a party
designated by the member on a form prescribed by the retirement
system; and
(b) Provide a life insurance benefit in a minimum amount of two thousand
dollars ($2,000) for its active contributing members. This life insurance
benefit shall be payable upon the death of an active contributing member
to the member's estate or to a party designated by the member on a form
prescribed by the retirement system.
(a) The member may name one (1) primary and one (1) contingent
beneficiary for receipt of the life insurance benefit. To the extent permitted
by the Internal Revenue Code, a trust may be designated as beneficiary
for receipt of the life insurance benefit.
(b) 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.
(c) In the event that a member fails to designate a beneficiary, or all
designated beneficiaries predecease the member, the member's estate
shall be deemed to be the beneficiary, unless the member is married at
the time of his or her death, in which case the spouse shall be deemed
the beneficiary.
(d) 1.
Any beneficiary designation made by the member, including the
estate should the estate become the beneficiary by default, 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.
A valid marriage license shall terminate any previously designated
beneficiary, even that of a trust, and establish the spouse as
beneficiary unless, subsequent proof of the marriage, the member or
retired member redesignates someone other than the new spouse
as the beneficiary.
3.
An individual who is married prior to becoming an active member or
a retired member of the retirement system and remains married at
the time of becoming an active or retired member of the retirement
system shall have his or her spouse considered the primary
beneficiary, unless the member designates another beneficiary.
4.
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
(3)
(4)
(5)
is designated as beneficiary of the trust.
(e) The Teachers' Retirement System shall not acknowledge a beneficiary
designation unless the life insurance beneficiary form is received by the
Teachers' Retirement System prior to the member's death, or the life
insurance beneficiary form has been deposited in the mail with a
postmark date no later than the date of the member's death.
Application for payment of life insurance proceeds shall be made to the
Teachers' Retirement System together with acceptable evidence of death and
eligibility. The reciprocal provisions of KRS 61.680(2)(a) shall not apply to the
coverage and payment of proceeds by the life insurance benefit under this
section.
Suit or civil action shall not be required for the collection of the proceeds of the
life insurance benefit provided for by this section, but nothing in this section
shall prevent the maintenance of suit or civil action against the beneficiary or
legal representative receiving the proceeds of the life insurance benefit.
Upon the death of a member of the Teachers' Retirement System, the life
insurance provided pursuant to subsection (1) of this section may be assigned
by the designated beneficiary to a bank or licensed funeral home.
Effective:June 29, 2021
History: Amended 2021 Ky. Acts ch. 192, sec. 23, effective June 29, 2021. -Amended 2018 Ky. Acts ch. 107, sec. 76, effective July 14, 2018. -- Amended
2011 Ky. Acts ch. 68, sec. 2, effective June 8, 2011. -- Amended 2010 Ky. Acts
ch. 164, sec. 12, effective July 1, 2010. -- Amended 2008 Ky. Acts ch. 78, sec.
22, effective July 1, 2008. -- Amended 2004 Ky. Acts ch. 121, sec. 23, effective
July 1, 2004. -- Amended 2002 Ky. Acts ch. 275, sec. 30, effective July 1, 2002.
-- Amended 2000 Ky. Acts ch. 498, sec. 20, effective July 1, 2000. -- Amended
1998 Ky. Acts ch. 515, sec. 14, effective July 1, 1998. -- Amended 1996 Ky.
Acts ch. 359, sec. 16, effective July 1, 1996. -- Amended 1992 Ky. Acts ch. 192,
sec. 14, effective July 1, 1992. -- Repealed and reenacted 1990 Ky. Acts ch.
476, Pt. V, sec. 535, effective July 13, 1990. -- Amended 1988 Ky. Acts ch. 363,
sec. 17, effective July 1, 1988. -- Amended 1980 Ky. Acts ch. 206, sec. 11,
effective July 1, 1980. -- Amended 1978 Ky. Acts ch. 152, sec. 16, effective
March 28, 1978. -- Amended 1970 Ky. Acts ch. 54, sec. 3. -- Amended 1968 Ky.
Acts ch. 136, sec. 12. -- Amended 1964 Ky. Acts ch. 43, sec. 16. -- Amended
1962 Ky. Acts ch. 64, sec. 17. -- Created 1958 Ky. Acts ch. 7, sec. 4.
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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