161.480 Statement of member -- Designation of beneficiaries.
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<![CDATA[161.480 Statement of member -- Designation of beneficiaries. Each person, upon becoming a member of the retirement system, shall file a detailed <br>statement as required by the board of trustees and shall designate a primary beneficiary or <br>two (2) or more cobeneficiaries to receive any benefits accruing from the death of the <br>member. A contingent beneficiary may be designated in addition to the primary <br>beneficiary or cobeneficiaries. The member may name more than one (1) contingent <br>beneficiary. Any beneficiary designation made by the member, including the estate should <br>the estate become the beneficiary by default, shall remain in effect until changed by the <br>member on forms prescribed by the Kentucky Teachers' Retirement System, except in the <br>event of subsequent marriage or divorce. Subsequent marriage by the member shall void <br>the primary beneficiary and any cobeneficiary designation, even that of a trust, and the <br>spouse of the member at death shall be considered as the primary beneficiary, unless the <br>member subsequent to marriage designates another beneficiary. A final divorce decree <br>shall terminate an ex-spouse's status as either primary beneficiary, cobeneficiary, or <br>contingent beneficiary, unless subsequent to divorce the member redesignates the former <br>spouse as primary beneficiary, cobeneficiary, or contingent beneficiary. To the extent <br>permitted by the Internal Revenue Code, a trust may be designated as beneficiary for <br>receipt of a member's contributions to the retirement system as provided under KRS <br>161.470(7). A final divorce decree shall not terminate the designation of a trust as <br>beneficiary regardless of who is designated as beneficiary of the trust. In the event that a <br>member fails to designate a beneficiary, or all designated beneficiaries predecease the <br>member, the member's estate shall be deemed to be the beneficiary. Members may <br>designate as beneficiaries only presently identifiable and existing individuals, or trusts <br>where otherwise permitted, without contingency instructions, on forms prescribed by the <br>retirement system. The provisions of this section shall be retroactive as they relate to <br>election of beneficiaries by members still in active status on the effective date of this <br>section. The provisions of this section shall not apply to any account from which a <br>member is drawing a retirement allowance or to the life insurance benefit available under <br>KRS 161.655. Effective: July 1, 2010 <br>History: Amended 2010 Ky. Acts ch. 164, sec. 5, effective July 1, 2010. -- Amended 2008 Ky. Acts ch. 78, sec. 5, effective July 1, 2008. -- Amended 2004 Ky. Acts <br>ch. 121, sec. 6, effective July 1, 2004. -- Amended 2002 Ky. Acts ch. 275, sec. 12, <br>effective July 1, 2002. -- Amended 1994 Ky. Acts ch. 369, sec. 6, effective July 1, <br>1994. </p>
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