161.680 Mistake in payment -- Correction of error -- Collection of overpayments.
183 words·~1 min read·
/ky/chapter-161/161-680A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)If any change or error in a record results in any individual receiving from the
retirement system more or less than the individual was entitled to receive as
determined by the board of trustees or staff of the Teachers' Retirement System, the
board of trustees or staff shall, when the error is discovered, correct the error, and as
far as practicable adjust the payments so that the actuarial equivalent of the benefit
to which the individual was entitled shall be paid.
(2)The Teachers' Retirement System shall take all practicable and cost-effective steps
to collect overpayments from a member's or retiree's account. Methods of
correction of overpayments from any member's or retiree's account shall include but
are not limited to reclamation of the overpayment from the member's or retiree's
account at the depository bank, the deduction of moneys from account refunds,
deduction from the retirement allowance or joint and survivor annuity payable from
the account, and deduction of moneys from the life insurance benefit. Collection of
overpayments shall be initiated regardless of the designated beneficiary for any
amounts payable from the account.