61.590 Filing of Notification of Retirement and Estimated Retirement
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/ky/61-590A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Allowance forms -- Selection of payment option -- Effective date.
(a)A member or beneficiary eligible to receive retirement benefits under any
of the provisions of KRS 61.510 to 61.705, 78.510 to 78.852, and 16.510
to 16.652 shall have on file at the retirement office on the form prescribed
by the board, a correctly completed notification of retirement, giving his or
her name, address, Social Security number or Kentucky Public Pensions
Authority member identification number, last day of employment, and
other information the Authority may require. The form entitled "Notification
of Retirement" shall not be filed more than six
(6)months before the
member's effective retirement date.
(b)A member eligible to receive retirement benefits under any of the
provisions of KRS 61.510 to 61.705, 78.510 to 78.852, and 16.510 to
16.652 shall certify in writing on the "Notification of Retirement" form or
another form prescribed by the board that no prearranged agreement
existed prior to the member's retirement between the member and any
participating agency in the systems administered by the Kentucky
Retirement Systems or any participating agency in the County Employees
Retirement System for the member to return to employment with the
participating agency. No retirement benefits shall be paid to the member
until the member completes the certification required by this paragraph.
(2)After receipt of the correctly completed form entitled "Notification of
Retirement," the Authority shall cause to be prepared an estimate of the
amounts the member or beneficiary may expect to receive under the various
plans available to the member or beneficiary. This information shall be
recorded on a form entitled "Estimated Retirement Allowance" and forwarded
to the member or beneficiary.
(3)The member or beneficiary shall file at the retirement office the form entitled
"Estimated Retirement Allowance" after he or she has checked one
payment option of his or her choice, signed the document, and had his or her
signature witnessed. A member shall not have the right to select a different
payment option on or after the first day of the month in which the member
receives his or her first retirement allowance or after the effective date of a
deferred retirement option as provided by subsection
(6)of this section, except
as provided by KRS 61.542(5). A beneficiary shall not have the right to select a
different payment option after the effective date of the beneficiary's retirement
allowance as provided in subsection
(7)of this section.
(4)A member or beneficiary choosing a monthly payment option shall have on file
at the retirement office his or her birth certificate or other acceptable evidence
of date of birth. If a survivorship option is chosen, proof of dates of birth of the
beneficiary and member shall be on file at the retirement office.
(a)The effective date of normal retirement shall be the first month following
the month in which employment from all employers participating in any of
the systems administered by Kentucky Retirement Systems and all
employers participating in the County Employees Retirement System was
terminated.
(b)The effective date of disability retirement shall be the first month following
the month in which the member's last day of paid employment in a regular
full-time position occurred, provided the member files the form entitled
"Estimated Retirement Allowance" no later than six
(6)months following
the date the notification of approval for disability retirement benefits is
sent by United States first-class mail to the member's last address on file
in the retirement office, by electronic mail to the member's last electronic
mail address on file in the retirement office, or by other electronic means.
If the member fails to file the form entitled "Estimated Retirement
Allowance" within six
(6)months of the date the notification of approval for
disability retirement benefits is sent, then the member's form entitled
"Notification of Retirement" shall be void. The member shall be required
to submit a new form entitled "Notification of Retirement" to apply for
disability retirement and reestablish eligibility for disability retirement
benefits.
(c)The effective date of early retirement shall be the first month following the
month a correctly completed form entitled "Notification of Retirement" is
filed at the retirement office or a future month designated by the member,
if employment from all employers participating in any of the systems
administered by Kentucky Retirement Systems and all employers
participating in the County Employees Retirement System has been
terminated and if the member files the form entitled "Estimated
Retirement Allowance" no later than six
(6)months following termination.
If the member fails to file the form entitled "Estimated Retirement
Allowance" within six
(6)months following the effective retirement date of
the member, then the member's form entitled "Notification of Retirement"
shall be void and the member shall be required to submit a new form
entitled "Notification of Retirement" to apply for early retirement.
(6)The effective date of a deferred retirement option as provided under KRS
16.576(5) shall be the month following age sixty-five (65), or the month
following written notification from the member that he or she wishes to begin
receiving retirement payments. In the event of the death of a member who has
deferred his or her retirement allowance, the effective date of retirement shall
be the month following the member's death.
(7)Notwithstanding the provisions of KRS 16.578 or 61.640, the effective date of a
beneficiary's retirement allowance under normal, early, or disability retirement
shall be as prescribed in subsection
(5)or
(6)of this section if the member dies
before the first day of the month in which the member would have received his
or her first retirement allowance and his or her beneficiary becomes eligible for
payments under KRS 16.578 or 61.640.