Kentucky Statutes 161.525 – Death of member eligible to retire — Options of beneficiary — Monthly minimum allowance to surviving spouse
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(1) Upon death of a member in active contributing status at the time of death, who was eligible to retire by reason of service, the spouse, if named as the primary beneficiary of the member’s retirement account, or in the absence of an eligible spouse a legal dependent of the member, if named as the primary beneficiary, shall be entitled to elect, in lieu of a refund of the member’s accumulated account balance or benefits provided in KRS § 161.520, an annuity actuarially equivalent at the attained age of the beneficiary to the annuity that would have been paid to the deceased member had retirement been effective on the day immediately preceding the member’s death. Under the provisions of KRS § 61.680, benefits shall be processed as if the member retired for service. In exercising this right the spouse or legal dependent shall be limited to selecting an option providing either a straight life annuity with refundable balance or a term certain option. A spouse may receive the annuity provided by this section at the same time as children are qualifying for survivors’ benefits under the provisions of KRS § 161.520; however, a legal dependent, other than a spouse, may not receive these payments if children have qualified for benefits under that section.
(2) A spouse qualifying for an annuity under subsection (1) of this section may defer the payments in order to reduce the actuarial discounts to be applied due to age.
(3) Upon death of a member in active contributing status at the time of his or her death, who had a minimum of twenty-seven (27) years of service, the spouse, if named as the primary beneficiary of the member’s account shall be entitled to a monthly minimum allowance of three hundred dollars ($300) as the basic straight life annuity. This provision applies to surviving spouses of members who were receiving benefit payments under KRS § 161.520 as of June 30, 1986, and to surviving spouses of members who die on or after July 1, 1986.
Effective: January 1, 2022
History: Repealed, reenacted, and amended 2021 Ky. Acts ch. 157, sec. 21, effective
January 1, 2022. — Amended 2018 Ky. Acts ch. 107, sec. 56, effective July 14, 2018.
— Amended 2004 Ky. Acts ch. 121, sec. 10, effective July 1, 2004. — Amended 1996
Ky. Acts ch. 359, sec. 7, effective July 1, 1996. — Amended 1994 Ky. Acts ch. 369, sec. 10, effective July 1, 1994. — Amended 1990 Ky. Acts ch. 442, sec. 9, effective July 1, 1990; and ch. 476, Pt. V, sec. 512, effective July 13, 1990. — Amended 1986
Ky. Acts ch. 440, sec. 8, effective July 1, 1986. — Amended 1976 Ky. Acts ch. 351, sec. 11, effective July 1, 1976. — Amended 1968 Ky. Acts ch. 136, sec. 7. — Created
1964 Ky. Acts ch. 43, sec. 22.
Legislative Research Commission Note (12/13/2018). On December 13, 2018, the
Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch.
107), did not comply with the three-readings rule of Kentucky Constitution Section
46 and that the legislation is, therefore, constitutionally invalid and declared void. That ruling applies to changes made to this statute in that Act.
(2) A spouse qualifying for an annuity under subsection (1) of this section may defer the payments in order to reduce the actuarial discounts to be applied due to age.
Terms Used In Kentucky Statutes 161.525
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Dependent: A person dependent for support upon another.
- Statute: A law passed by a legislature.
(3) Upon death of a member in active contributing status at the time of his or her death, who had a minimum of twenty-seven (27) years of service, the spouse, if named as the primary beneficiary of the member’s account shall be entitled to a monthly minimum allowance of three hundred dollars ($300) as the basic straight life annuity. This provision applies to surviving spouses of members who were receiving benefit payments under KRS § 161.520 as of June 30, 1986, and to surviving spouses of members who die on or after July 1, 1986.
Effective: January 1, 2022
History: Repealed, reenacted, and amended 2021 Ky. Acts ch. 157, sec. 21, effective
January 1, 2022. — Amended 2018 Ky. Acts ch. 107, sec. 56, effective July 14, 2018.
— Amended 2004 Ky. Acts ch. 121, sec. 10, effective July 1, 2004. — Amended 1996
Ky. Acts ch. 359, sec. 7, effective July 1, 1996. — Amended 1994 Ky. Acts ch. 369, sec. 10, effective July 1, 1994. — Amended 1990 Ky. Acts ch. 442, sec. 9, effective July 1, 1990; and ch. 476, Pt. V, sec. 512, effective July 13, 1990. — Amended 1986
Ky. Acts ch. 440, sec. 8, effective July 1, 1986. — Amended 1976 Ky. Acts ch. 351, sec. 11, effective July 1, 1976. — Amended 1968 Ky. Acts ch. 136, sec. 7. — Created
1964 Ky. Acts ch. 43, sec. 22.
Legislative Research Commission Note (12/13/2018). On December 13, 2018, the
Kentucky Supreme Court ruled that the passage of 2018 SB 151 (2018 Ky. Acts ch.
107), did not comply with the three-readings rule of Kentucky Constitution Section
46 and that the legislation is, therefore, constitutionally invalid and declared void. That ruling applies to changes made to this statute in that Act.