21.540 Duties of board of trustees -- Qualified domestic relations orders -- Intent to conform with federal law.

Loading PDF...

Page 1 of 2 21.540 Duties of board of trustees -- Qualified domestic relations orders -- Intent to conform with federal law. (1) Except as provided in KRS 21.550, 21.560, and subsection (3) of this section, the board of trustees of the Judicial Form Retirement System shall be charged with the administration of that system and of KRS 21.350 to 21.510, and shall have all powers necessary thereto, including the power to promulgate all reasonable administrative regulations, pass upon questions of eligibility and disability, make employments for services, and to contract for fiduciary liability insurance, and for investment counseling, actuarial, auditing, and other professional services as required without the limitations of KRS 45A.045. The administrative expenses shall be paid out of an administrative account which shall be funded by transfers of the necessary money, in appropriate ratio, from the funds provided for in KRS 21.550 and 21.560. (2) (a) A qualified domestic relations order issued by a court or administrative agency shall be honored by the Judicial Form Retirement System if the order is in compliance with the requirements established by the retirement system. (b) Except in cases involving child support payments, the Judicial Form Retirement System may charge reasonable and necessary fees and expenses to the participant and the alternate payee of a qualified domestic relations order for the administration of the qualified domestic relations order by the retirement system. All fees and expenses shall be established by administrative regulations promulgated by the board of trustees of the retirement system. The qualified domestic relations order shall specify whether the fees and expenses provided by this subsection shall be paid: 1. Solely by the participant; 2. Solely by the alternate payee; or 3. Equally shared by the participant and alternate payee. (c) For purposes of this subsection, a "qualified domestic relations order" shall mean any judgment, decree, or order, including approval of a property settlement agreement, that: 1. Is issued by a court or administrative agency; and 2. Relates to the provision of child support, alimony payments, or marital property rights to a spouse, former spouse, child, or other dependent of a member. (3) Notwithstanding any other evidence of legislative intent, it is hereby declared to be the controlling legislative intent that the provisions of KRS 21.345 to 21.580 and 6.500 to 6.577 shall conform with federal statutes or regulations and meet the qualification requirements under 26 U.S.C. sec. 401(a), applicable federal regulations, and other published guidance, and the board shall have the authority to promulgate administrative regulations, with retroactive effect if required under federal law, to conform the Legislators' Retirement Plan and the Judicial Retirement Plan with federal statutes and regulations and to meet the qualification requirements under 26 U.S.C. sec. 401(a). Page 2 of 2 Effective: July 15, 2010 History: Amended 2010 Ky. Acts ch. 132, sec. 1, effective July 15, 2010; and ch. 148, sec. 4, effective July 15, 2010. -- Amended 1994 Ky. Acts ch. 266, sec. 1, effective July 15, 1994. -- Amended 1990 Ky. Acts ch. 263, sec. 1, effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 111, sec. 30, effective July 13, 1984. -- Created 1980 Ky. Acts ch. 407, sec. 20, effective July 1, 1980. Legislative Research Commission Note (7/15/2010). This section was amended by 2010 Ky. Acts chs. 132 and 148, which do not appear to be in conflict and have been codified together.