| Last Action | to State & Local Government (S) |
|---|---|
| Title | AN ACT relating to retiree beneficiary payments in the Kentucky Retirement Systems. |
| Bill Documents |
Bill
|
| Impact Statements | Actuarial Analysis |
| Bill Request Number | 1580 |
| Sponsor | W. Schroder |
| Summary of Original Version | Amend KRS 61.542 to allow a retiring member of Kentucky Retirement Systems to designate up to four individuals as beneficiary upon retirement; allow a retired member to change beneficiary designations in the event of the beneficiary's death or upon marriage or remarriage if the member files the proper forms within 90 days of death, marriage, or remarriage; require recalculation of benefit upon change in beneficiary to ensure actuarial equivalence; create exceptions; amend KRS 61.635 to offer a multiple beneficiaries survivorship option to provide lifetime benefits for to up to four beneficiaries based upon percentages assigned by the member at retirement; provide that a lifetime benefit may be provided to a trust under the single beneficiary or multiple beneficiaries survivorship option and provide that the age of trust beneficiaries shall be used to determine actuarial equivalence; amend KRS 61.630 to conform; amend KRS 61.640 and 16.578 to provide that for death prior to retirement, a trust naming a single beneficiary may select the single beneficiary survivorship option; provide that multiple beneficiaries may select the multiple beneficiary survivorship option. |
| Index Headings of Original Version |
Public Officers and Employees - Kentucky Retirement Systems, beneficiary designation and retirement options Retirement and Pensions - Kentucky Retirement Systems, beneficiary designation and retirement options State Employees - Kentucky Retirement Systems, beneficiary designation and retirement options Actuarial Analysis - Kentucky Retirement Systems, benefiaciary designation and retirement options |
| 02/17/16 |
|
|---|---|
| 02/19/16 |
|
Last updated: 1/16/2019 3:08 PM (EST)