61.630 Death after retirement -- Refund of contributions. - Kentucky Statutes

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61.630 Death after retirement -- Refund of contributions. (1) If a retired member who did not elect an optional retirement plan dies at any time on or after the first day of the month in which the member received or would have
received his or her first retirement allowance but before receiving total retirement
allowances provided in KRS 16.510 to 16.652, KRS 61.515 to 61.705, and KRS
78.520 to 78.852 at least equal to his accumulated contributions as of the date of his
retirement, the difference between the accumulated contributions and the total
allowances shall be payable in a lump sum to the properly designated beneficiary. If
a living person designated as the beneficiary predeceases the retired member, the
estate shall become the beneficiary. If a spouse designated as the beneficiary is
divorced from the retired member as of the member's death, the estate shall become
the beneficiary. (2) If a retired member who elected an optional retirement plan and his beneficiary both die at any time on or after the first day of the month in which the member received
or would have received his or her first retirement allowance but before receiving
total retirement allowances provided in KRS 16.510 to 16.652, KRS 61.515 to
61.705, and KRS 78.520 to 78.852 at least equal to the retired member's
accumulated contributions as of the date of his retirement, the difference between
the accumulated contributions and the total allowances shall be payable in a lump
sum to the estate of the last deceased, except that the retired member's estate shall
receive the payment if the beneficiary was the spouse and they were divorced as of
the date of the member's death. If the retired member and beneficiary die
simultaneously, the estate of the retired member shall become the beneficiary. (3) If a beneficiary receiving a lifetime retirement allowance under KRS 16.578 or 61.640 dies before receiving total retirement allowances provided in KRS 16.510 to
16.652, KRS 61.515 to 61.705, and KRS 78.520 to 78.852 at least equal to the
member's accumulated contributions as of the date of the member's death, the
difference between the accumulated contributions and the total allowances shall be
payable in a lump sum to the estate of the beneficiary. (4) If a beneficiary receiving a retirement allowance for sixty (60) or one hundred twenty (120) months certain under KRS 16.576, 16.578, or 61.640, or a beneficiary
receiving a retirement allowance under KRS 61.635(5), (6), or (7), dies before
receiving all payments under the plan, the executor or administrator of his estate
shall receive a lump sum payment which shall be the actuarial equivalent to the
remaining payments. (5) If the system is unable to verify a recipient's whereabouts or whether the recipient is living, the system shall suspend the recipient's retirement allowance. If the recipient
is located, the system shall restore to the recipient all suspended retirement
allowances. Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 173, sec. 5, effective July 15, 2010. -- Amended 2009 Ky. Acts ch. 77, sec. 17, effective June 25, 2009. -- Amended 2004 Ky. Acts
ch. 36, sec. 21, effective July 13, 2004. -- Amended 1996 Ky. Acts ch. 167, sec. 13,
effective July 15, 1996. -- Amended 1992 Ky. Acts ch. 240, sec. 36, effective July 14, 1992. -- Amended 1986 Ky. Acts ch. 90, sec. 30, effective July 15, 1986. --
Amended 1980 Ky. Acts ch. 186, sec. 21, effective July 15, 1980. -- Amended 1976
Ky. Acts ch. 321, secs. 25 and 40. -- Amended 1972 Ky. Acts ch. 116, sec. 44. --
Amended 1968 Ky. Acts ch. 26, sec. 3. -- Amended 1960 Ky. Acts ch. 165, Part II,
sec. 11. -- Created 1956 Ky. Acts ch. 110, sec. 25.