| Last Action | 01/05/21: to Committee on Committees (H) |
|---|---|
| Title | AN ACT relating to post-retirement beneficiary changes. |
| Bill Documents | Introduced |
| Fiscal Impact Statement | Actuarial Analysis |
| Bill Request Number | 411 |
| Sponsor | B. Wheatley |
| Summary of Original Version | Amend KRS 61.542 to allow a retiree to elect to change his or her beneficiary at any time, if the retiree has selected upon retirement a basic monthly annuity payment as defined in the subsection, a period certain payment option under KRS 61.635(5) to (7), or the Social Security adjustment option without survivorship rights under KRS 61.635(8)(a); require a retiree to file a beneficiary change form prescribed by the Kentucky Retirement Systems with the retirement office; provide that a retiree may change his or her actual monthly payment option only upon marriage or remarriage and only if he or she files a beneficiary change form within 120 days of marriage or remarriage designating the new spouse as beneficiary and selecting a survivorship payment option under KRS 61.635(2) to (4) and (8)(b), with the resulting payments being actuarially equivalent to the retirement allowance provided at the date of the original retirement; amend KRS 61.590, 61.615, and 61.630 to conform; provide that members who retired prior to the effective date of the Act, who were married or remarried prior to the effective date of the Act and remain married or remarried to the same spouse, shall have 120 days from the effective date to select a survivorship option for their spouse under the Act. |
| Index Headings of Original Version |
Actuarial Analysis - Kentucky Retirement Systems, post-retirement change of beneficiary and survivorship option Retirement and Pensions - Kentucky Retirement Systems, post-retirement change of beneficiary and survivorship option State Agencies - Kentucky Retirement Systems, post-retirement change of beneficiary and survivorship option State Employees - Kentucky Retirement Systems, post-retirement change of beneficiary and survivorship option Counties - Retirement, post-retirement change of beneficiary and survivorship option |
| 12/09/20 |
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| 01/05/21 |
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Last updated: 11/9/2023 2:52 PM (EST)