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Kentucky Revised Statutes Title VIII. Offices and Officers § 61.540.Statement of member and employer; Summary plan description

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) Under administrative regulations promulgated by the board, each member and each employer may file at the retirement office, in the form the board may prescribe, a statement of the facts pertaining to the member and other information the system may require.

(2) The Authority shall prepare and make available upon request to all members, retired members, or beneficiaries, a summary plan description, written in a manner that can be understood by the average member, retired member, or beneficiary, and sufficiently accurate and comprehensive to reasonably apprise them of their rights and obligations under the provisions of KRS 16.505 to 16.652, 61.510 to 61.705 and 78.510 to 78.852.

(3) The summary plan description shall include:

(a) The name of the retirement system, the name and business address of the executive director of the Kentucky Pensions Authority and the chief executive officer, and the name, business address, and title of each member of the board of trustees;

(b) The name and business address of the person designated for the service of legal process;

(c) The system's requirements for participation and benefits;

(d) A description of retirement formulas for normal, early and disability retirement, and survivor benefits;

(e) A description of the requirements for vesting of pension benefits;

(f) A reasonable list of circumstances which would result in disqualification, ineligibility, or denial or loss of benefits;

(g) The sources of financing retirement benefits, and statutory requirements for funding;

(h) A statement after each actuarial valuation as to whether funding requirements are being met; and

(i) The procedures to be followed in presenting claims for benefits under the plan, and the remedies available under the plan for the redress of claims which are denied in whole or in part.

(4) The system may publish the summary plan description in the form of a paper or electronic comprehensive pamphlet or booklet, or in the form of paper or electronic periodic newsletters which shall incorporate all the information required in the summary plan description within a period of two (2) years. Any changes in statutory requirements or administrative practices which alter the provisions of the plan as described in the summary plan description shall be summarized as required in subsection (2) of this section and shall be made available upon request to members in the form of a supplement to a comprehensive booklet, or reported in the periodic newsletter.

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Cite this article: FindLaw.com - Kentucky Revised Statutes Title VIII. Offices and Officers § 61.540.Statement of member and employer; Summary plan description - last updated January 01, 2025 | https://codes.findlaw.com/ky/title-viii-offices-and-officers/ky-rev-st-sect-61-540/

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