KRS § 61.590 — KY Code / Title VIII / Chapter 61 / Section 61.590
61.590 Filing of Notification of Retirement and Estimated Retirement Allowance forms -- Selection of payment option -- Effective date
Status: in_force

61.590 Filing of Notification of Retirement and Estimated Retirement

Allowance forms -- Selection of payment option -- Effective date.

(1) (a) A member or beneficiary eligible to receive retirement benefits under any

of the provisions of KRS 61.510 to 61.705, 78.510 to 78.852, and 16.510

to 16.652 shall have on file at the retirement office on the form prescribed

by the board, a correctly completed notification of retirement, giving his or

her name, address, Social Security number or Kentucky Public Pensions

Authority member identification number, last day of employment, and

other information the Authority may require. The form entitled "Notification

of Retirement" shall not be filed more than six (6) months before the

member's effective retirement date.

(b) A member eligible to receive retirement benefits under any of the

provisions of KRS 61.510 to 61.705, 78.510 to 78.852, and 16.510 to

16.652 shall certify in writing on the "Notification of Retirement" form or

another form prescribed by the board that no prearranged agreement

existed prior to the member's retirement between the member and any

participating agency in the systems administered by the Kentucky

Retirement Systems or any participating agency in the County Employees

Retirement System for the member to return to employment with the

participating agency. No retirement benefits shall be paid to the member

until the member completes the certification required by this paragraph.

(2) After receipt of the correctly completed form entitled "Notification of

Retirement," the Authority shall cause to be prepared an estimate of the

amounts the member or beneficiary may expect to receive under the various

plans available to the member or beneficiary. This information shall be

recorded on a form entitled "Estimated Retirement Allowance" and forwarded

to the member or beneficiary.

(3) The member or beneficiary shall file at the retirement office the form entitled

"Estimated Retirement Allowance" after he or she has checked one (1)

payment option of his or her choice, signed the document, and had his or her

signature witnessed. A member shall not have the right to select a different

payment option on or after the first day of the month in which the member

receives his or her first retirement allowance or after the effective date of a

deferred retirement option as provided by subsection (6) of this section, except

as provided by KRS 61.542(5). A beneficiary shall not have the right to select a

different payment option after the effective date of the beneficiary's retirement

allowance as provided in subsection (7) of this section.

(4) A member or beneficiary choosing a monthly payment option shall have on file

at the retirement office his or her birth certificate or other acceptable evidence

of date of birth. If a survivorship option is chosen, proof of dates of birth of the

beneficiary and member shall be on file at the retirement office.

(5) (a) The effective date of normal retirement shall be the first month following

the month in which employment from all employers participating in any of

the systems administered by Kentucky Retirement Systems and all

employers participating in the County Employees Retirement System was

terminated.

(b) The effective date of disability retirement shall be the first month following

the month in which the member's last day of paid employment in a regular

full-time position occurred, provided the member files the form entitled

"Estimated Retirement Allowance" no later than six (6) months following

the date the notification of approval for disability retirement benefits is

sent by United States first-class mail to the member's last address on file

in the retirement office, by electronic mail to the member's last electronic

mail address on file in the retirement office, or by other electronic means.

If the member fails to file the form entitled "Estimated Retirement

Allowance" within six (6) months of the date the notification of approval for

disability retirement benefits is sent, then the member's form entitled

"Notification of Retirement" shall be void. The member shall be required

to submit a new form entitled "Notification of Retirement" to apply for

disability retirement and reestablish eligibility for disability retirement

benefits.

(c) The effective date of early retirement shall be the first month following the

month a correctly completed form entitled "Notification of Retirement" is

filed at the retirement office or a future month designated by the member,

if employment from all employers participating in any of the systems

administered by Kentucky Retirement Systems and all employers

participating in the County Employees Retirement System has been

terminated and if the member files the form entitled "Estimated

Retirement Allowance" no later than six (6) months following termination.

If the member fails to file the form entitled "Estimated Retirement

Allowance" within six (6) months following the effective retirement date of

the member, then the member's form entitled "Notification of Retirement"

shall be void and the member shall be required to submit a new form

entitled "Notification of Retirement" to apply for early retirement.

(6) The effective date of a deferred retirement option as provided under KRS

16.576(5) shall be the month following age sixty-five (65), or the month

following written notification from the member that he or she wishes to begin

receiving retirement payments. In the event of the death of a member who has

deferred his or her retirement allowance, the effective date of retirement shall

be the month following the member's death.

(7) Notwithstanding the provisions of KRS 16.578 or 61.640, the effective date of a

beneficiary's retirement allowance under normal, early, or disability retirement

shall be as prescribed in subsection (5) or (6) of this section if the member dies

before the first day of the month in which the member would have received his

or her first retirement allowance and his or her beneficiary becomes eligible for

payments under KRS 16.578 or 61.640.