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161.525 Death of member eligible to retire -- Options of beneficiary -- Monthly minimum allowance to surviving spouse.

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Page 1 of 1 161.525 Death of member eligible to retire -- Options of beneficiary -- Monthly minimum allowance to surviving spouse. (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 <br>beneficiary of the member's retirement account, or in the absence of an eligible <br>spouse a legal dependent of the member, if named as the primary beneficiary, shall <br>be entitled to elect, in lieu of a refund of the member's account or benefits provided <br>in KRS 161.520, an annuity actuarially equivalent at the attained age of the <br>beneficiary to the annuity that would have been paid to the deceased member had <br>retirement been effective on the day immediately preceding the member's death. <br>Under the provisions of KRS 61.680, benefits shall be processed as if the member <br>retired for service. In exercising this right the spouse or legal dependent shall be <br>limited to selecting an option providing either a straight life annuity with refundable <br>balance or a term certain option. A spouse may receive the annuity provided by this <br>section at the same time as children are qualifying for survivors' benefits under the <br>provisions of KRS 161.520; however, a legal dependent, other than a spouse, may <br>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 death, who had a minimum of twenty-seven (27) years of service, the spouse, if named as the <br>primary beneficiary of the member's account shall be entitled to a monthly <br>minimum allowance of three hundred dollars (&#36;300) as the basic straight life <br>annuity. This provision applies to surviving spouses of members who were <br>receiving benefit payments under KRS 161.520 as of June 30, 1986, and to <br>surviving spouses of members who die on or after July 1, 1986. Effective: July 1, 2004 <br>History: 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 <br>ch. 369, sec. 10, effective July 1, 1994. -- Amended 1990 Ky. Acts ch. 442, sec. 9, <br>effective July 1, 1990; and ch. 476, Pt. V, sec. 512, effective July 13, 1990. -- <br>Amended 1986 Ky. Acts ch. 440, sec. 8, effective July 1, 1986. -- Amended 1976 <br>Ky. Acts ch. 351, sec. 11, effective July 1, 1976. -- Amended 1968 Ky. Acts ch. 136, <br>sec. 7. -- Created 1964 Ky. Acts ch. 43, sec. 22.