61.590 Filing of Notification of Retirement and Estimated Retirement Allowance forms -- Selection of payment option -- Effective date. - Kentucky Statutes

Download pdf

Loading PDF...

61.590 Filing of Notification of Retirement and Estimated Retirement Allowance forms -- Selection of payment option -- Effective date. (1) A member or beneficiary eligible to receive retirement benefits under any of the provisions of KRS 61.510 to 61.705, 78.510 to 78.852, and 16.510 to 16.652 shall
have on file at the retirement office on the form prescribed by the board, notification
of retirement, giving his name, address, Social Security number, last day of
employment, and other information the system may require. The form entitled
"Notification of Retirement" shall not be filed more than six (6) months before the
member's effective retirement date. (2) Within ten (10) days of the receipt of the form entitled "Notification of Retirement" submitted within two (2) months of the effective date of retirement, the system shall
cause to be prepared an estimate of the amounts the member or beneficiary may
expect to receive under the various plans available to the member or beneficiary.
This information shall be recorded on a form entitled "Estimated Retirement
Allowance" and forwarded to the member or beneficiary. If the member submits a
form entitled "Notification of Retirement" more than two (2) months prior to the
effective retirement date, the system shall provide the form entitled "Estimated
Retirement Allowance" within forty-five (45) days of the member's effective
retirement date. (3) The member or beneficiary shall file at the retirement office the form entitled "Estimated Retirement Allowance" after he has checked the payment option of his
choice, signed the document, and had his signature witnessed. A member shall not
have the right to select a different payment option after the first day of the month in
which the member receives his or her first retirement allowance or after the
effective date of a deferred retirement option as provided by subsection (6) of this
section. A beneficiary shall not have the right to select a different payment option
after the effective date of the beneficiary's retirement allowance as provided in
subsection (7) of this section. (4) A member or beneficiary choosing a monthly payment option shall have on file at the retirement office his birth certificate or other acceptable evidence of date of
birth. If a survivorship option is chosen, proof of dates of birth of the beneficiary
and member shall be on file at the retirement office. (5) (a) The effective date of normal retirement shall be the first month following the month in which employment was terminated from a regular full-time position. (b) The effective date of disability retirement shall be the first month following the month in which the member's last day of paid employment in a regular
full-time position occurred, provided the member files the form entitled
"Estimated Retirement Allowance" no later than six (6) months following the
date the notification of approval for disability retirement benefits is mailed. If
the member fails to file the form entitled "Estimated Retirement Allowance"
within six (6) months of the date the notification of approval for disability
retirement benefits is mailed, then the member's form entitled "Notification of
Retirement" shall be void. The member shall be required to submit a new form entitled "Notification of Retirement" to apply for disability retirement
and reestablish eligibility for disability retirement benefits. (c) The effective date of early retirement shall be the first month following the month the form entitled "Notification of Retirement" is filed at the retirement
office or a future month designated by the member, if employment in a regular
full-time position has been terminated and if the member files the form
entitled "Estimated Retirement Allowance" no later than six (6) months
following termination. If the member fails to file the form entitled "Estimated
Retirement Allowance" within six (6) months following the effective
retirement date of the member, then the member's form entitled "Notification
of Retirement" shall be void and the member shall be required to submit a
new form entitled "Notification of Retirement" to apply for early retirement. (6) The effective date of a deferred retirement option as provided under KRS 16.576(5) shall be the month following age sixty-five (65), or the month following written
notification from the member that he wishes to begin receiving retirement
payments. In the event of the death of a member who has deferred his retirement
allowance, the effective date of retirement shall be the month following the
member's death. (7) Notwithstanding the provisions of KRS 16.578 or 61.640, the effective date of a beneficiary's retirement allowance under normal, early, or disability retirement shall
be as prescribed in subsection (5) or (6) of this section if the member dies before the
first day of the month in which the member would have received his or her first
retirement allowance and his beneficiary becomes eligible for payments under KRS
16.578 or 61.640. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 173, sec. 4, effective July 15, 2010. -- Amended 2009 Ky. Acts ch. 77, sec. 14, effective June 25, 2009. -- Amended 2004 Ky. Acts
ch. 36, sec. 13, effective July 13, 2004. -- Amended 2002 Ky. Acts ch. 52, sec. 7,
effective July 15, 2002. -- Amended 2000 Ky. Acts ch. 385, sec. 18, effective July
14, 2000. -- Amended 1994 Ky. Acts ch. 485, sec. 14, effective July 15, 1994.