{"data":{"id":"us-ky/krs-61.623","jurisdiction":"us-ky","citation":"KRS 61.623","heading":"Electronic fund transfer of retirement allowance required -- Exceptions.","body":"(1) A recipient who begins receiving a retirement allowance August 1, 2000, or after,\nfrom the Kentucky Employees Retirement System, the County Employees\nRetirement System, or the State Police Retirement System shall have the retirement\nallowance paid by elec tronic fund transfer to a financial institution designated by\nthe recipient except as provided by subsection (5) of this section.\n(2) When an individual becomes eligible to receive a monthly retirement allowance, the\nretirement system shall provide an auth orization for deposit of retirement payment\nform to the recipient to have the monthly retirement allowance deposited to an\naccount in a financial institution.\n(3) The recipient shall provide the information and authorization required for the\nelectronic tra nsfer of funds from the State Treasurer's office to the designated\nfinancial institution.\n(4) At any time while receiving a retirement allowance, the recipient may change the\ndesignated institution by completing a new authorization for deposit of retiremen t\npayment form and filing the form at the retirement office in Frankfort. The last\nauthorization for deposit of retirement payment on file at the retirement office shall\ncontrol the electronic transfer of the recipient's retirement allowance.\n(5) (a) A rec ipient may request to be paid by check issued by the State Treasurer\ninstead of by electronic transfer by completing and filing at the retirement\noffice a request for payment by check form.\n(b) The request shall be approved if:\n1. The recipient certifies t hat he does not currently have an account with a\nfinancial institution; or\n2. The recipient's bank certifies that it does not participate in the electronic\nfunds transfer program.\n(c) The retirement office shall, every five (5) years, require the recipient to certify\nthat the original conditions under which he requested payment by check\ncontinue. If the original conditions do not exist, the recipient shall complete\nan authorization for direct deposit of retirement payment form and file it with\nthe retirement office.","path":["KRS Chapter 61"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=23000","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:49:15Z","sha256":"bd7b6ffbd23ca266a6d809f4e08911ab6c7ed90641dbc643ce1458ab6909376e","source_id":"us-ky","stale":false,"prev":"us-ky/krs-61.621","next":"us-ky/krs-61.625"},"notice":"GroundRules: Original legal text. Not legal advice."}