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61.705 Death benefit -- Designation of beneficiary -- Debt owed at death.

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61.705 Death benefit -- Designation of beneficiary -- Debt owed at death. (1) Upon the death of a retired member of the Kentucky Employees Retirement System, County Employees Retirement System, or State Police Retirement System who was <br>receiving a monthly retirement allowance based on a minimum of forty-eight (48) <br>months of service or whose retirement allowance based on a minimum of forty-<br>eight (48) months was suspended in accordance with KRS 61.637, a death benefit <br>of five thousand dollars (&#36;5,000) shall be paid. If the retired member had more than <br>one (1) account in the Kentucky Employees Retirement System, County Employees <br>Retirement System, or State Police Retirement System, the system shall pay only <br>one (1) five thousand dollar (&#36;5,000) death benefit. Application for the death benefit <br>made to the Kentucky Retirement Systems shall include acceptable evidence of <br>death and of the eligibility of the applicant to act on the deceased retired member's <br>behalf. (2) The death benefit shall be paid to a beneficiary named by the retired member. Upon retirement or any time thereafter, the retired member may designate on the form <br>prescribed by the board, death benefit designation, a person, the retired member's <br>estate, a trust or trustee, or a licensed funeral home, as the beneficiary of the death <br>benefit. The beneficiary for the death benefit may or may not be the same <br>beneficiary designated in accordance with KRS 61.590(1). If the beneficiary <br>designated under this section is a person and that person dies prior to the member, <br>or if the beneficiary was the retired member's spouse and they were divorced on the <br>date of the retired member's death, then the retired member's estate shall become the <br>beneficiary, unless the retired member has filed a subsequent death benefit <br>designation. If a licensed funeral home is designated as beneficiary and the licensed <br>funeral home cannot be reasonably identified or located by Kentucky Retirement <br>Systems at the time of the retired member's death, then the retired member's estate <br>shall become the beneficiary of the death benefit. (3) If, at the time of the retired member's death, a debt to the Kentucky Retirement Systems remains on his or her account, the balance owed shall be deducted from the <br>five thousand dollars (&#36;5,000) death benefit. Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 77, sec. 23, effective June 25, 2009. -- Amended 2002 Ky. Acts ch. 52, sec. 16, effective July 15, 2002. -- Amended 2000 Ky. Acts <br>ch. 385, sec. 29, effective July 14, 2000. -- Amended 1998 Ky. Acts ch. 123, sec. 2, <br>effective July 15, 1998. -- Amended 1988 Ky. Acts ch. 349, sec. 30, effective July <br>15, 1988. -- Amended 1982 Ky. Acts ch. 423, sec. 14, effective July 15, 1982. -- <br>Created 1980 Ky. Acts ch. 186, sec. 18, effective July 15, 1980.