{"data":{"id":"us-ky/krs-161.630","jurisdiction":"us-ky","citation":"KRS 161.630","heading":"Benefit options -- Change in benefit option by retiree -- Beneficiary","body":"redesignation after retirement.\n(1) (a) A member, upon retirement, shall receive a retirement allowance in the form\nof a life annuity, with refundable balance, as provided in KRS 161.620, unless\nan election is made before the effective date of retirement to receive\nactuarially equivalent benefits under options which the board of trustees\napproves.\n(b) An individual who is participating in the supplemental benefit component  as\nprovided by KRS 161.635 or 161.636 may, before the effective date of\nretirement, elect to receive his or her accumulated account balance accrued in\nthe supplemental benefit component annuitized into a monthly payment under\none (1) of the actuarial equi valent payment options approved by the board of\ntrustees.\n(c) No option shall provide for a benefit with an actuarial value at the age of\nretirement greater than that provided in KRS 161.620, 161.635(5)(a), or\n161.636(5)(a), as applicable. This section doe s not apply to disability\nallowances as provided in KRS 161.661(1).\n(2) The retirement option chosen by a retiree at the time of service retirement shall\nremain in force unless the retiree elects to make a change under the following\nconditions:\n(a) A divorce, annulment, or marriage dissolution following retirement shall, at\nthe election of the retiree, cancel any optional plan selected at retirement that\nprovides indefinitely continuing benefits to a spousal beneficiary and return\nthe retiree to a single li fetime benefit equivalent as determined by the board;\nor\n(b) Following marriage or remarriage, or the death of the designated beneficiary,\na retiree may elect a new optional plan of payment based on the actuarial\nequivalent of a single lifetime benefit at the time of the election, as\ndetermined by the board. The plan shall become effective the first of the\nmonth following receipt of an application on a form approved by the board.\n(3) Except as otherwise provided in this section, a beneficiary designation sh all not be\nchanged after the effective date of retirement except for retirees who elect the life\nannuity with refundable balance or the predetermined years certain and life\nthereafter option. A member may remove a beneficiary at any time, but shall not\ndesignate a substitute beneficiary. If a member elects to remove a beneficiary, the\nmember's retirement allowance shall not change regardless of the retirement option\nselected by the member, even if the removed beneficiary predeceases the member.\nA member who  is subject to the beneficiary designation restriction of this\nsubsection shall only be allowed to name a new beneficiary when experiencing a\nqualifying event under subsection (2) of this section, and shall make this change\nwithin the deadline established in subsection (4) of this section.\n(4) A member who experiences a qualifying event under subsection (2) of this section\nand who elects a new optional plan of payment shall make that election within sixty\n(60) days of the qualifying event. The deadline for electing a new optional plan of\npayment or for changing a beneficiary shall not be subject to the jurisdiction of any\ncourt or appeal process, nor shall it otherwise be tolled or waived.","path":["KRS Chapter 161"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=56067","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:51:11Z","sha256":"86ea2e30a76d30e8313fe9c2f79008a61fac90f3f635938d0775426de3154585","source_id":"us-ky","stale":false,"prev":"us-ky/krs-161.625","next":"us-ky/krs-161.633"},"notice":"GroundRules: Original legal text. Not legal advice."}