161.640 Payment of annuities -- Payroll deductions -- Electronic fund transfer, exception. - Kentucky Statutes

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161.640 Payment of annuities -- Payroll deductions -- Electronic fund transfer, exception. (1) Retirement annuities shall be payable monthly. The first payment to an annuitant shall be made at the payment date at the end of one (1) full payment period after his
retirement and shall consist of one (1) regular monthly payment. Retirement for a
member receiving one (1) full year of service credit during a fiscal year shall be no
earlier than July 1 next following the end of such fiscal year. Notwithstanding any
other statutory provisions to the contrary, members filling positions that customarily
require twelve (12) months of service during a fiscal year cannot retire prior to July
1 without a corresponding pro rata reduction in salary and service credit. The board
of trustees may determine which positions customarily require twelve (12) months
of service during a fiscal year. (2) The board of trustees may enter into agreements with retired members for payroll deductions when it is deemed in the best interest of the retired members and the
retirement system. (3) (a) All new retirees, on or after July 1, 1998, shall receive their monthly annuity checks by electronic fund transfer. All retiree, beneficiary, and survivor
monthly allowance payments, except as otherwise provided in paragraph (b)
of this subsection, shall be made by electronic fund transfer. Except as
provided in paragraph (b) of this subsection, all monthly payments shall be
made payable only to an account solely in the name of the retiree, beneficiary,
or survivor as an individual and natural person, or to a joint account in the
name of the retiree, beneficiary, or survivor as an individual and natural
person and another individual and natural person. (b) If the retiree, beneficiary, or survivor is a resident of a nursing or assisted-care home, monthly payments may be made to the order of the nursing or assisted-
care home for the benefit of the retiree, beneficiary, or survivor by including
the retiree's, beneficiary's, or survivor's name. Monthly annuity checks so paid
to a nursing or assisted-care home may be sent by mail rather than electronic
fund transfer. Effective: July 1, 2008
History: Amended 2008 Ky. Acts ch. 78, sec. 20, effective July 1, 2008. -- Amended 2004 Ky. Acts ch. 121, sec. 21, effective July 1, 2004. -- Amended 1998 Ky. Acts
ch. 515, sec. 13, effective July 1, 1998. -- Repealed and reenacted 1990 Ky. Acts
ch. 476, Pt. V, sec. 533, effective July 13, 1990. -- Amended 1980 Ky. Acts ch. 206,
sec. 10, effective July 1, 1980. -- Amended 1972 Ky. Acts ch. 82, sec. 21. --
Amended 1952 Ky. Acts ch. 144, sec. 1. -- Recodified 1942 Ky. Acts ch. 208, sec. 1,
effective October 1, 1942, from Ky. Stat. sec. 4506b-46.