161.630 Benefit options -- Change in benefit option by retiree -- Beneficiary

506 words·~2 min read·/ky/161-630

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redesignation after retirement.

(a)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.

(b)An individual who is participating in the supplemental benefit component as

provided by KRS 161.635 or 161.636 may, before the effective date of

retirement, elect to receive his or her accumulated account balance accrued in

the supplemental benefit component annuitized into a monthly payment under

one

(1)of the actuarial equivalent payment options approved by the board of

trustees.

(c)No option shall provide for a benefit with an actuarial value at the age of

retirement greater than that provided in KRS 161.620, 161.635(5)(a), or

161.636(5)(a), as applicable. 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 indefinitely continuing benefits to a spousal beneficiary and return

the retiree to a single lifetime benefit equivalent as determined by the board;

(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.

A member who is subject to the beneficiary designation restriction of this

subsection shall only be allowed to name a new beneficiary when experiencing a

qualifying event under subsection

(2)of this section, and shall make this change

within the deadline established in subsection

(4)of this section.

(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. The deadline for electing a new optional plan of

payment or for changing a beneficiary shall not be subject to the jurisdiction of any court or appeal process, nor shall it otherwise be tolled or waived.