161.630 Benefit options -- Change in benefit option -- Beneficiary redesignation after retirement. - Kentucky Statutes

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Page 1 of 1 161.630 Benefit options -- Change in benefit option -- Beneficiary redesignation after retirement. (1) 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. No option
shall provide for a benefit with an actuarial value at the age of retirement greater
than that provided in KRS 161.620. This section does not apply to disability
allowances as provided in KRS 161.661(1). (2) 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 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. (3) 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. (4) 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: July 1, 2010
History: Amended 2010 Ky. Acts ch. 164, sec. 11, effective July 1, 2010. -- Amended 2008 Ky. Acts 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.