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Code · Kentucky · Chapter 61 — General provisions as to offices and officers -- social security for public employees -- employees retirement system

61.623 Electronic fund transfer of retirement allowance required -- Exceptions.

316 words·~1 min read·/ky/chapter-61/61-623

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

(1)A recipient who begins receiving a retirement allowance August 1, 2000, or after,
from the Kentucky Employees Retirement System, the County Employees
Retirement System, or the State Police Retirement System shall have the retirement
allowance paid by electronic fund transfer to a financial institution designated by
the recipient except as provided by subsection
(5)of this section.
(2)When an individual becomes eligible to receive a monthly retirement allowance, the
retirement system shall provide an authorization for deposit of retirement payment
form to the recipient to have the monthly retirement allowance deposited to an
account in a financial institution.
(3)The recipient shall provide the information and authorization required for the
electronic transfer of funds from the State Treasurer's office to the designated
financial institution.
(4)At any time while receiving a retirement allowance, the recipient may change the
designated institution by completing a new authorization for deposit of retirement
payment form and filing the form at the retirement office in Frankfort. The last
authorization for deposit of retirement payment on file at the retirement office shall
control the electronic transfer of the recipient's retirement allowance.
(a)A recipient may request to be paid by check issued by the State Treasurer
instead of by electronic transfer by completing and filing at the retirement
office a request for payment by check form.
(b)The request shall be approved if:
1. The recipient certifies that he does not currently have an account with a
financial institution; or
2. The recipient's bank certifies that it does not participate in the electronic
funds transfer program.
(c)The retirement office shall, every five
(5)years, require the recipient to certify
that the original conditions under which he requested payment by check
continue. If the original conditions do not exist, the recipient shall complete
an authorization for direct deposit of retirement payment form and file it with
the retirement office.
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