161.525 Death of member eligible to retire -- Options of beneficiary -- Monthly

339 words·~2 min read·/ky/161-525

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

minimum allowance to surviving spouse.

(1)Upon death of a member in active contributing status at the time of death, who was

eligible to retire by reason of service, the spouse, if named as the primary

beneficiary of the member's retirement account, or in the absence of an eligible

spouse a legal dependent of the member, if named as the primary beneficiary, shall

be entitled to elect, in lieu of a refund of the member's accumulated account balance

or benefits provided in KRS 161.520, an annuity actuarially equivalent at the

attained age of the beneficiary to the annuity that would have been paid to the

deceased member had retirement been effective on the day immediately preceding

the member's death. Under the provisions of KRS 61.680, benefits shall be

processed as if the member retired for service. In exercising this right the spouse or

legal dependent shall be limited to selecting an option providing either a straight life

annuity with refundable balance or a term certain option. A spouse may receive the

annuity provided by this section at the same time as children are qualifying for

survivors' benefits under the provisions of KRS 161.520; however, a legal

dependent, other than a spouse, may not receive these payments if children have

qualified for benefits under that section.

(2)A spouse qualifying for an annuity under subsection

(1)of this section may defer

the payments in order to reduce the actuarial discounts to be applied due to age.

(3)Upon death of a member in active contributing status at the time of his or her death,

who had a minimum of twenty-seven

(27)years of service, the spouse, if named as

the primary beneficiary of the member's account shall be entitled to a monthly

minimum allowance of three hundred dollars ($300) as the basic straight life

annuity. This provision applies to surviving spouses of members who were

receiving benefit payments under KRS 161.520 as of June 30, 1986, and to

surviving spouses of members who die on or after July 1, 1986.