61.623 Electronic fund transfer of retirement allowance required -- Exceptions.
(1) A recipient who begins receiving a retirement allowance August 1, 2000, or after,
from the Kentucky Employees Retirement System, the County Employees <br>Retirement System, or the State Police Retirement System shall have the retirement <br>allowance paid by electronic fund transfer to a financial institution designated by <br>the recipient except as provided by subsection (5) of this section.
(2) When an individual becomes eligible to receive a monthly retirement allowance, the
retirement system shall provide an authorization for deposit of retirement payment <br>form to the recipient to have the monthly retirement allowance deposited to an <br>account in a financial institution.
(3) The recipient shall provide the information and authorization required for the
electronic transfer of funds from the State Treasurer's office to the designated <br>financial institution.
(4) At any time while receiving a retirement allowance, the recipient may change the
designated institution by completing a new authorization for deposit of retirement <br>payment form and filing the form at the retirement office in Frankfort. The last <br>authorization for deposit of retirement payment on file at the retirement office shall <br>control the electronic transfer of the recipient's retirement allowance.
(5) (a) A recipient may request to be paid by check issued by the State Treasurer
instead of by electronic transfer by completing and filing at the retirement <br>office a request for payment by check form.
(b) The request shall be approved if:
1.
The recipient certifies that he does not currently have an account with a <br>financial institution; or
2.
The recipient's bank certifies that it does not participate in the electronic <br>funds transfer program.
(c) The retirement office shall, every five (5) years, require the recipient to certify
that the original conditions under which he requested payment by check <br>continue. If the original conditions do not exist, the recipient shall complete <br>an authorization for direct deposit of retirement payment form and file it with <br>the retirement office.
Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 77, sec. 16, effective June 25, 2009. -- Amended
2008 Ky. Acts ch. 89, sec. 1, effective July 15, 2008. -- Amended 2004 Ky. Acts <br>ch. 36, sec. 20, effective July 13, 2004. -- Created 2000 Ky. Acts ch. 385, sec. 30, <br>effective July 14, 2000.
61.623 Electronic fund transfer of retirement allowance required -- Exceptions.
(1) A recipient who begins receiving a retirement allowance August 1, 2000, or after,
from the Kentucky Employees Retirement System, the County Employees <br>Retirement System, or the State Police Retirement System shall have the retirement <br>allowance paid by electronic fund transfer to a financial institution designated by <br>the recipient except as provided by subsection (5) of this section.
(2) When an individual becomes eligible to receive a monthly retirement allowance, the
retirement system shall provide an authorization for deposit of retirement payment <br>form to the recipient to have the monthly retirement allowance deposited to an <br>account in a financial institution.
(3) The recipient shall provide the information and authorization required for the
electronic transfer of funds from the State Treasurer's office to the designated <br>financial institution.
(4) At any time while receiving a retirement allowance, the recipient may change the
designated institution by completing a new authorization for deposit of retirement <br>payment form and filing the form at the retirement office in Frankfort. The last <br>authorization for deposit of retirement payment on file at the retirement office shall <br>control the electronic transfer of the recipient's retirement allowance.
(5) (a) A recipient may request to be paid by check issued by the State Treasurer
instead of by electronic transfer by completing and filing at the retirement <br>office a request for payment by check form.
(b) The request shall be approved if:
1.
The recipient certifies that he does not currently have an account with a <br>financial institution; or
2.
The recipient's bank certifies that it does not participate in the electronic <br>funds transfer program.
(c) The retirement office shall, every five (5) years, require the recipient to certify
that the original conditions under which he requested payment by check <br>continue. If the original conditions do not exist, the recipient shall complete <br>an authorization for direct deposit of retirement payment form and file it with <br>the retirement office.
Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 77, sec. 16, effective June 25, 2009. -- Amended
2008 Ky. Acts ch. 89, sec. 1, effective July 15, 2008. -- Amended 2004 Ky. Acts <br>ch. 36, sec. 20, effective July 13, 2004. -- Created 2000 Ky. Acts ch. 385, sec. 30, <br>effective July 14, 2000.
61.623 Electronic fund transfer of retirement allowance required -- Exceptions.
(1) A recipient who begins receiving a retirement allowance August 1, 2000, or after,
from the Kentucky Employees Retirement System, the County Employees <br>Retirement System, or the State Police Retirement System shall have the retirement <br>allowance paid by electronic fund transfer to a financial institution designated by <br>the recipient except as provided by subsection (5) of this section.
(2) When an individual becomes eligible to receive a monthly retirement allowance, the
retirement system shall provide an authorization for deposit of retirement payment <br>form to the recipient to have the monthly retirement allowance deposited to an <br>account in a financial institution.
(3) The recipient shall provide the information and authorization required for the
electronic transfer of funds from the State Treasurer's office to the designated <br>financial institution.
(4) At any time while receiving a retirement allowance, the recipient may change the
designated institution by completing a new authorization for deposit of retirement <br>payment form and filing the form at the retirement office in Frankfort. The last <br>authorization for deposit of retirement payment on file at the retirement office shall <br>control the electronic transfer of the recipient's retirement allowance.
(5) (a) A recipient may request to be paid by check issued by the State Treasurer
instead of by electronic transfer by completing and filing at the retirement <br>office a request for payment by check form.
(b) The request shall be approved if:
1.
The recipient certifies that he does not currently have an account with a <br>financial institution; or
2.
The recipient's bank certifies that it does not participate in the electronic <br>funds transfer program.
(c) The retirement office shall, every five (5) years, require the recipient to certify
that the original conditions under which he requested payment by check <br>continue. If the original conditions do not exist, the recipient shall complete <br>an authorization for direct deposit of retirement payment form and file it with <br>the retirement office.
Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 77, sec. 16, effective June 25, 2009. -- Amended
2008 Ky. Acts ch. 89, sec. 1, effective July 15, 2008. -- Amended 2004 Ky. Acts <br>ch. 36, sec. 20, effective July 13, 2004. -- Created 2000 Ky. Acts ch. 385, sec. 30, <br>effective July 14, 2000.
