Kentucky Statutes 61.630 – Death after retirement — Refund of contributions
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(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 KRS § 16.652, KRS § 61.515 to KRS § 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 KRS § 16.652, KRS § 61.515 to KRS § 61.705, and KRS § 78.520 to KRS § 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 KRS § 61.705, and KRS § 78.520 to KRS § 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.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 96, sec. 8, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 173, sec. 5, effective July 15, 2010. — Amended 2009 Ky. Acts ch.
77, sec. 17, effective June 25, 2009. — Amended 2004 Ky. Acts ch. 36, sec. 21, effective July 13, 2004. — Amended 1996 Ky. Acts ch. 167, sec. 13, effective July
15, 1996. — Amended 1992 Ky. Acts ch. 240, sec. 36, effective July 14, 1992. — Amended 1986 Ky. Acts ch. 90, sec. 30, effective July 15, 1986. — Amended 1980
Ky. Acts ch. 186, sec. 21, effective July 15, 1980. — Amended 1976 Ky. Acts ch.
321, secs. 25 and 40. — Amended 1972 Ky. Acts ch. 116, sec. 44. — Amended 1968
Ky. Acts ch. 26, sec. 3. — Amended 1960 Ky. Acts ch. 165, Part II, sec. 11. — Created 1956 Ky. Acts ch. 110, sec. 25.
2020-2022 Budget Reference. See State/Executive Branch Budget, 2021 Ky. Acts ch.
169, Pt. IV, 5 at 1155.
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.
Terms Used In Kentucky Statutes 61.630
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- branch budget: means an enactment by the General Assembly which provides appropriations and establishes fiscal policies and conditions for the biennial financial plan for the judicial branch, the legislative branch, and the executive branch, which shall include a separate budget bill for the Transportation Cabinet. See Kentucky Statutes 446.010
- Executor: A male person named in a will to carry out the decedent
- Month: means calendar month. See Kentucky Statutes 446.010
(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 KRS § 16.652, KRS § 61.515 to KRS § 61.705, and KRS § 78.520 to KRS § 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 KRS § 61.705, and KRS § 78.520 to KRS § 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.
Effective: June 29, 2021
History: Amended 2021 Ky. Acts ch. 96, sec. 8, effective June 29, 2021. — Amended
2010 Ky. Acts ch. 173, sec. 5, effective July 15, 2010. — Amended 2009 Ky. Acts ch.
77, sec. 17, effective June 25, 2009. — Amended 2004 Ky. Acts ch. 36, sec. 21, effective July 13, 2004. — Amended 1996 Ky. Acts ch. 167, sec. 13, effective July
15, 1996. — Amended 1992 Ky. Acts ch. 240, sec. 36, effective July 14, 1992. — Amended 1986 Ky. Acts ch. 90, sec. 30, effective July 15, 1986. — Amended 1980
Ky. Acts ch. 186, sec. 21, effective July 15, 1980. — Amended 1976 Ky. Acts ch.
321, secs. 25 and 40. — Amended 1972 Ky. Acts ch. 116, sec. 44. — Amended 1968
Ky. Acts ch. 26, sec. 3. — Amended 1960 Ky. Acts ch. 165, Part II, sec. 11. — Created 1956 Ky. Acts ch. 110, sec. 25.
2020-2022 Budget Reference. See State/Executive Branch Budget, 2021 Ky. Acts ch.
169, Pt. IV, 5 at 1155.