Kentucky Statutes 67A.490 – Death of member — Benefit to designated beneficiary when no surviving spouse’s, children’s, or dependent parent annuities payable
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(1) Upon death of a member, occurring while in active service, if no surviving spouse’s annuity, children’s annuities, or dependent parent annuities are payable, the designated beneficiary of the member or his or her estate shall be entitled to a death benefit equal to the total contributions made by the member, including the amount of any employee contributions picked up by the urban-county government pursuant to KRS § 67A.510(2), without interest, or one thousand five hundred dollars ($1,500), whichever is greater.
(2) Upon death of a retired member, if no surviving spouse’s annuity, children’s annuities, or dependent parent annuities shall be due and payable, a death benefit shall be paid to the designated beneficiary or estate of the member, equal to the excess, if any, of the total contributions made by the member, including those picked up pursuant to KRS § 67A.510(2), to this fund to the date of retirement, without interest, over the total annuity payments received by the member. The minimum payment in such case shall be one thousand five hundred dollars ($1,500). If a surviving spouse’s annuity, children’s annuities, or dependent parent annuities are payable after the death of the retired member, the amount of such death benefit, if any, shall be determined upon termination of annuity payments to all survivors of the member, whether such termination occurs by death or other cause.
Effective: April 4, 2006
History: Amended 2006 Ky. Acts ch. 144, sec. 8, effective April 4, 2006. — Amended
1982 Ky. Acts ch. 166, sec. 40, effective July 15, 1982. — Amended 1980 Ky. Acts ch. 81, sec. 4, effective July 15, 1980. — Created 1974 Ky. Acts ch. 106, sec. 14, effective July 1, 1974.
(2) Upon death of a retired member, if no surviving spouse’s annuity, children’s annuities, or dependent parent annuities shall be due and payable, a death benefit shall be paid to the designated beneficiary or estate of the member, equal to the excess, if any, of the total contributions made by the member, including those picked up pursuant to KRS § 67A.510(2), to this fund to the date of retirement, without interest, over the total annuity payments received by the member. The minimum payment in such case shall be one thousand five hundred dollars ($1,500). If a surviving spouse’s annuity, children’s annuities, or dependent parent annuities are payable after the death of the retired member, the amount of such death benefit, if any, shall be determined upon termination of annuity payments to all survivors of the member, whether such termination occurs by death or other cause.
Terms Used In Kentucky Statutes 67A.490
- 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.
Effective: April 4, 2006
History: Amended 2006 Ky. Acts ch. 144, sec. 8, effective April 4, 2006. — Amended
1982 Ky. Acts ch. 166, sec. 40, effective July 15, 1982. — Amended 1980 Ky. Acts ch. 81, sec. 4, effective July 15, 1980. — Created 1974 Ky. Acts ch. 106, sec. 14, effective July 1, 1974.