{"data":{"id":"us-ky/krs-161.580","jurisdiction":"us-ky","citation":"KRS 161.580","heading":"Individual accounts to be kept -- Other data -- Summary plan description -","body":"- Publication -- Recipients.\n(1) The board of trustees shall provide for the maintenance of an individual account for\neach member showing the amount of the member's acc umulated account balance.\nSuch individual accounts shall be identified in the records of the system by name,\ndate of birth, and Social Security number. It shall collect and keep in convenient\nform such data as is necessary for the preparation of the requir ed mortality and\nservice tables and for the compilation of such other information as is required for\nthe actuarial valuation of the assets and liabilities of the various funds of the\nretirement system.\n(2) The board shall prepare and furnish to all active contributing members a summary\nplan description, written in a manner calculated to be understood by the average\nmember or annuitant, and sufficiently accurate and comprehensive to reasonably\napprise them of their rights and obligations under the Teachers' Retirement System.\nThe board may furnish the summary plan description by posting it on the retirement\nsystem's Web site.\n(3) The summary plan description shall include:\n(a) The name of the retirement system, the name and address of the executive\nsecretary, and the name, address, and title of each member of the board of\ntrustees;\n(b) The name and address of the person designated for the service of legal\nprocess;\n(c) The system's requirements for participation and benefits;\n(d) A description of retirement for mulas for normal, early, and disability\nretirement, and survivor benefits;\n(e) A description of the requirements for vesting of pension benefits;\n(f) A list of circumstances which would result in disqualification, ineligibility, or\ndenial or loss of benefits;\n(g) The sources of financing retirement benefits, and statutory requirements for\nfunding;\n(h) A statement after each actuarial valuation as to whether funding requirements\nare being met; and\n(i) The procedures to be followed in presenting claims for be nefits under the\nplan, and the remedies available under the plan for the redress of claims which\nare denied in whole or in part.\n(4) The board may publish the summary plan description in the form of a\ncomprehensive pamphlet or booklet, or in the form of pe riodic newsletters which\nshall incorporate all the information required in the summary plan description\nwithin a period of two (2) years. Any changes in statutory requirements or\nadministrative practices which alter the provisions of the plan as described in the\nsummary plan description shall be summarized as required in subsection (2) of this\nsection and furnished to active contributing members in the form of a supplement to\na comprehensive booklet, or reported in the periodic newsletter.\n(5) The board sha ll provide to annuitants so much of the summary plan description as\nthey need to understand changes in benefits which apply to them.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=51816","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:11Z","sha256":"b2ea48d728faf32bb64671475093a34399019c19adc1e5ebb0b2a95d5400d430","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.570","next":"us-ky/krs-161.585"},"notice":"GroundRules: Original legal text. Not legal advice."}