61.540 Statement of member and employer -- Summary plan description.
(1) Under administrative regulations promulgated by the board, each member and each
employer shall have on file at the retirement office, in the form the board prescribes, <br>a statement of the facts pertaining to the member and other information the system <br>requires. Until the statement is filed, no member shall be eligible to receive any <br>benefits under KRS 61.510 to 61.705 and 78.510 to 78.852.
(2) The system shall prepare and make available upon request to all members a
summary plan description, written in a manner that can be understood by the <br>average member or beneficiary, and sufficiently accurate and comprehensive to <br>reasonably apprise them of their rights and obligations under the provisions of KRS <br>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 address of the executive
director, and the name, address and title of each member of the board of <br>trustees;
(b) The name and address of the person designated for the service of legal
process;
(c) The system's requirements for participation and benefits; <br>(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; <br>(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 <br>are denied in whole or in part.
(4) The system may publish the summary plan description in the form of a
comprehensive pamphlet or booklet, or in the form of periodic newsletters which <br>shall incorporate all the information required in the summary plan description <br>within a period of two (2) years. Any changes in statutory requirements or <br>administrative practices which alter the provisions of the plan as described in the <br>summary plan description shall be summarized as required in subsection (2) of this <br>section and shall be made available upon request to members in the form of a <br>supplement to a comprehensive booklet, or reported in the periodic newsletter.
(5) The system shall make available upon request to retirees and beneficiaries the
summary plan description.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 77, sec. 8, effective June 25, 2009. -- Amended
2003 Ky. Acts ch. 169, sec. 8, effective March 31, 2003. -- Amended 1992 Ky. Acts <br>ch. 240, sec. 15, effective July 14, 1992. -- Amended 1988 Ky. Acts ch. 349, sec. 12, <br>effective July 15, 1988. -- Amended 1980 Ky. Acts ch. 246, sec. 12, effective July <br>15, 1980. -- Amended 1976 Ky. Acts ch. 321, sec. 40. -- Amended 1972 Ky. Acts <br>ch. 116, sec. 26. -- Amended 1962 Ky. Acts ch. 58, sec. 5. -- Created 1956 Ky. Acts <br>ch. 110, sec. 7.
61.540 Statement of member and employer -- Summary plan description.
(1) Under administrative regulations promulgated by the board, each member and each
employer shall have on file at the retirement office, in the form the board prescribes, <br>a statement of the facts pertaining to the member and other information the system <br>requires. Until the statement is filed, no member shall be eligible to receive any <br>benefits under KRS 61.510 to 61.705 and 78.510 to 78.852.
(2) The system shall prepare and make available upon request to all members a
summary plan description, written in a manner that can be understood by the <br>average member or beneficiary, and sufficiently accurate and comprehensive to <br>reasonably apprise them of their rights and obligations under the provisions of KRS <br>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 address of the executive
director, and the name, address and title of each member of the board of <br>trustees;
(b) The name and address of the person designated for the service of legal
process;
(c) The system's requirements for participation and benefits; <br>(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; <br>(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 <br>are denied in whole or in part.
(4) The system may publish the summary plan description in the form of a
comprehensive pamphlet or booklet, or in the form of periodic newsletters which <br>shall incorporate all the information required in the summary plan description <br>within a period of two (2) years. Any changes in statutory requirements or <br>administrative practices which alter the provisions of the plan as described in the <br>summary plan description shall be summarized as required in subsection (2) of this <br>section and shall be made available upon request to members in the form of a <br>supplement to a comprehensive booklet, or reported in the periodic newsletter.
(5) The system shall make available upon request to retirees and beneficiaries the
summary plan description.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 77, sec. 8, effective June 25, 2009. -- Amended
2003 Ky. Acts ch. 169, sec. 8, effective March 31, 2003. -- Amended 1992 Ky. Acts <br>ch. 240, sec. 15, effective July 14, 1992. -- Amended 1988 Ky. Acts ch. 349, sec. 12, <br>effective July 15, 1988. -- Amended 1980 Ky. Acts ch. 246, sec. 12, effective July <br>15, 1980. -- Amended 1976 Ky. Acts ch. 321, sec. 40. -- Amended 1972 Ky. Acts <br>ch. 116, sec. 26. -- Amended 1962 Ky. Acts ch. 58, sec. 5. -- Created 1956 Ky. Acts <br>ch. 110, sec. 7.
61.540 Statement of member and employer -- Summary plan description.
(1) Under administrative regulations promulgated by the board, each member and each
employer shall have on file at the retirement office, in the form the board prescribes, <br>a statement of the facts pertaining to the member and other information the system <br>requires. Until the statement is filed, no member shall be eligible to receive any <br>benefits under KRS 61.510 to 61.705 and 78.510 to 78.852.
(2) The system shall prepare and make available upon request to all members a
summary plan description, written in a manner that can be understood by the <br>average member or beneficiary, and sufficiently accurate and comprehensive to <br>reasonably apprise them of their rights and obligations under the provisions of KRS <br>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 address of the executive
director, and the name, address and title of each member of the board of <br>trustees;
(b) The name and address of the person designated for the service of legal
process;
(c) The system's requirements for participation and benefits; <br>(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; <br>(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 <br>are denied in whole or in part.
(4) The system may publish the summary plan description in the form of a
comprehensive pamphlet or booklet, or in the form of periodic newsletters which <br>shall incorporate all the information required in the summary plan description <br>within a period of two (2) years. Any changes in statutory requirements or <br>administrative practices which alter the provisions of the plan as described in the <br>summary plan description shall be summarized as required in subsection (2) of this <br>section and shall be made available upon request to members in the form of a <br>supplement to a comprehensive booklet, or reported in the periodic newsletter.
(5) The system shall make available upon request to retirees and beneficiaries the
summary plan description.
Effective: June 25, 2009
History: Amended 2009 Ky. Acts ch. 77, sec. 8, effective June 25, 2009. -- Amended
2003 Ky. Acts ch. 169, sec. 8, effective March 31, 2003. -- Amended 1992 Ky. Acts <br>ch. 240, sec. 15, effective July 14, 1992. -- Amended 1988 Ky. Acts ch. 349, sec. 12, <br>effective July 15, 1988. -- Amended 1980 Ky. Acts ch. 246, sec. 12, effective July <br>15, 1980. -- Amended 1976 Ky. Acts ch. 321, sec. 40. -- Amended 1972 Ky. Acts <br>ch. 116, sec. 26. -- Amended 1962 Ky. Acts ch. 58, sec. 5. -- Created 1956 Ky. Acts <br>ch. 110, sec. 7.
