61.705 Death benefit -- Designation of beneficiary -- Debt owed at death --
538 words·~2 min read·
/ky/61-705A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Assignment of benefit.
(a)Upon the death of a retired member of the Kentucky Employees Retirement
System or State Police Retirement System who was receiving a monthly
retirement allowance based on a minimum of forty-eight
(48)months of
service or whose retirement allowance based on a minimum of forty-eight
(48)months was suspended in accordance with KRS 61.637, a death benefit
for the beneficiary of five thousand dollars ($5,000) shall be paid.
(b)If the retired member had more than one
(1)account in the Kentucky
Employees Retirement System or State Police Retirement System, or was
eligible for a benefit under KRS 78.5538 from the County Employees
Retirement System, the systems shall pay only one
(1)five thousand dollar
($5,000) death benefit to the named beneficiary. Each system's cost shall be
prorated between the systems based upon the level of service credit in each
system.
(c)Application for the death benefit made to the Kentucky Retirement Systems
shall include acceptable evidence of death and of the eligibility of the
applicant to receive the death benefit.
(a)The death benefit shall be paid to a beneficiary named by the retired member.
Upon retirement or any time thereafter, the retired member may designate on
the form prescribed by the board, death benefit designation, a person, the
retired member's estate, a trust or trustee, or a licensed funeral home, as the
beneficiary of the death benefit provided by this section or KRS 78.5538. The
beneficiary for the death benefit may or may not be the same beneficiary
designated in accordance with KRS 61.590(1) but only one
(1)designation
shall be available to a retired member who has service in both the County
Employees Retirement System and the Kentucky Retirement Systems.
(b)If the beneficiary designated under this section is a person and that person
dies prior to the member, or if the beneficiary was the retired member's
spouse and they were divorced on the date of the retired member's death, then
the retired member's estate shall become the beneficiary, unless the retired
member has filed a subsequent death benefit designation.
(c)If a licensed funeral home is designated as beneficiary and the licensed
funeral home cannot be reasonably identified or located by Kentucky
Retirement Systems at the time of the retired member's death, then the retired
member's estate shall become the beneficiary of the death benefit.
(3)The five thousand dollar ($5,000) death benefit paid to the designated beneficiary
shall not be subject to garnishment as an asset of the retired member's estate, except
if:
(a)At the time of the retired member's death, a debt to the Kentucky Retirement
Systems remains on his or her account, the balance owed shall be deducted
from the five thousand dollar ($5,000) death benefit;
(b)After the death of the retired member, an overpayment of benefits occurs, the
balance owed for the overpayment may be deducted from the five thousand
dollar ($5,000) death benefit; or
(c)At the time of the retired member's death, the designated beneficiary is the
retired member's estate.
(4)Upon the death of a retired member, the death benefit provided pursuant to this
section may be assigned by the designated beneficiary to a bank or licensed funeral
home.