61.630 Death after retirement -- Refund of contributions.
495 words·~2 min read·
/ky/chapter-61/61-630A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1)If a retired member who did not elect an optional retirement plan dies at any time on
or after the first day of the month in which the member received or would have
received his or her first retirement allowance but before receiving total retirement
allowances provided in KRS 16.510 to 16.652, KRS 61.515 to 61.705, and KRS
78.520 to 78.852 at least equal to his accumulated contributions as of the date of his
or her retirement, the difference between the accumulated contributions and the
total allowances shall be payable in a lump sum to the properly designated
beneficiary. Except as otherwise provided by KRS 61.542(5), if a living person
designated as the beneficiary predeceases the retired member, the estate shall
become the beneficiary. Except as otherwise provided by KRS 61.542(5), if a
spouse designated as the beneficiary is divorced from the retired member as of the
member's death, the estate shall become the beneficiary.
(2)If a retired member who elected an optional retirement plan and his or her
beneficiary both die at any time on or after the first day of the month in which the
member received or would have received his or her first retirement allowance but
before receiving total retirement allowances provided in KRS 16.510 to 16.652,
KRS 61.515 to 61.705, and KRS 78.520 to 78.852 at least equal to the retired
member's accumulated contributions as of the date of his or her retirement, the
difference between the accumulated contributions and the total allowances shall be
payable in a lump sum to the estate of the last deceased, except that the retired
member's estate shall receive the payment if the beneficiary was the spouse and they
were divorced as of the date of the member's death. If the retired member and
beneficiary die simultaneously, the estate of the retired member shall become the
beneficiary.
(3)If a beneficiary receiving a lifetime retirement allowance under KRS 16.578 or
61.640 dies before receiving total retirement allowances provided in KRS 16.510 to
16.652, KRS 61.515 to 61.705, and KRS 78.520 to 78.852 at least equal to the
member's accumulated contributions as of the date of the member's death, the
difference between the accumulated contributions and the total allowances shall be
payable in a lump sum to the estate of the beneficiary.
(4)If a beneficiary receiving a retirement allowance for sixty
(60)or one hundred
twenty
(120)months certain under KRS 16.576, 16.578, or 61.640, or a beneficiary
receiving a retirement allowance under KRS 61.635(5), (6), or (7), dies before
receiving all payments under the plan, the executor or administrator of his or her
estate shall receive a lump sum payment which shall be the actuarial equivalent to
the remaining payments.
(5)If the system is unable to verify a recipient's whereabouts or whether the recipient is
living, the system shall suspend the recipient's retirement allowance. If the recipient
is located, the system shall restore to the recipient all suspended retirement
allowances.