161.650 Death of retired member -- Payment to beneficiaries -- Effect of divorce decree -- Failure to designate beneficiary. - Kentucky Statutes

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161.650 Death of retired member -- Payment to beneficiaries -- Effect of divorce decree -- Failure to designate beneficiary. (1) In the case of death of a member who has retired by reason of service or disability, any portion of the member's accumulated contributions, including member
contributions to the state accumulation fund and regular interest to the date of
retirement, that has not, and will not be paid as an allowance or benefit shall be paid
to the member's beneficiary in such manner as the board of trustees elects. (2) The member may designate a primary beneficiary or two (2) or more cobeneficiaries to receive any remaining accumulated member contributions payable under this
section. A contingent beneficiary may be designated in addition to the primary
beneficiary or the cobeneficiaries. The member may designate two (2) or more
contingent beneficiaries. To the extent permitted by the Internal Revenue Code, a
trust may be designated as beneficiary for receipt of any remaining accumulated
member contributions. 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.
Cobeneficiaries shall be composed of a single class of individuals, or trusts where
permitted, who will share in equal proportions in any payment that may become
available under this section. Any beneficiary designation made by the member shall
remain in effect until changed by the member on forms prescribed by the retirement
system, except in the event of subsequent divorce. 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 is
designated as beneficiary of the trust. In the event that the member fails to designate
a beneficiary or all designated beneficiaries predecease the member, any remaining
accumulated member contributions shall be payable to the member's estate. Effective: July 1, 2008
History: Amended 2008 Ky. Acts ch. 78, sec. 21, effective July 1, 2008. -- Amended 2004 Ky. Acts ch. 121, sec. 22, effective July 1, 2004. -- Repealed and reenacted
1990 Ky. Acts ch. 476, Pt. V, sec. 534, effective July 13, 1990. -- Amended 1976
Ky. Acts ch. 35, sec. 20, effective July 1, 1976. -- Amended 1972 Ky. Acts ch. 82,
sec. 22. -- Amended 1962 Ky. Acts ch. 64, sec. 16. -- Recodified 1942 Ky. Acts
ch. 208, sec. 1, effective October 1, 1942, from Ky. Stat. sec. 4506b-47.