161.640 Payment of annuities -- Payroll deductions -- Electronic fund transfer,

340 words·~2 min read·/ky/161-640

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

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.

(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

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.