KRS 161.580: Individual accounts to be kept -- Other data -- Summary plan description -

- Publication -- Recipients.

(1) The board of trustees shall provide for the maintenance of an individual account for

each member showing the amount of the member's acc umulated account balance.

Such individual accounts shall be identified in the records of the system by name,

date of birth, and Social Security number. It shall collect and keep in convenient

form such data as is necessary for the preparation of the requir ed mortality and

service tables and for the compilation of such other information as is required for

the actuarial valuation of the assets and liabilities of the various funds of the

retirement system.

(2) The board shall prepare and furnish to all active contributing members a summary

plan description, written in a manner calculated to be understood by the average

member or annuitant, and sufficiently accurate and comprehensive to reasonably

apprise them of their rights and obligations under the Teachers' Retirement System.

The board may furnish the summary plan description by posting it on the retirement

system's Web site.

(3) The summary plan description shall include:

(a) The name of the retirement system, the name and address of the executive

secretary, and the name, address, and title of each member of the board of

trustees;

(b) The name and address of the person designated for the service of legal

process;

(c) The system's requirements for participation and benefits;

(d) A description of retirement for mulas for normal, early, and disability

retirement, and survivor benefits;

(e) A description of the requirements for vesting of pension benefits;

(f) A list of circumstances which would result in disqualification, ineligibility, or

denial or loss of benefits;

(g) The sources of financing retirement benefits, and statutory requirements for

funding;

(h) A statement after each actuarial valuation as to whether funding requirements

are being met; and

(i) The procedures to be followed in presenting claims for be nefits under the

plan, and the remedies available under the plan for the redress of claims which

are denied in whole or in part.

(4) The board may publish the summary plan description in the form of a

comprehensive pamphlet or booklet, or in the form of pe riodic newsletters which

shall incorporate all the information required in the summary plan description

within a period of two (2) years. Any changes in statutory requirements or

administrative practices which alter the provisions of the plan as described in the

summary plan description shall be summarized as required in subsection (2) of this

section and furnished to active contributing members in the form of a supplement to

a comprehensive booklet, or reported in the periodic newsletter.

(5) The board sha ll provide to annuitants so much of the summary plan description as

they need to understand changes in benefits which apply to them.