102 KAR 1:145 - Basis for options
RELATES TO: KRS 161.630
NECESSITY, FUNCTION, AND CONFORMITY: KRS 161.630 provides that a member of the Teachers' Retirement System, retiring for service, may elect an actuarial equivalent benefit in lieu of the life annuity provided for in KRS 161.620. This administrative regulation sets out the procedures to be used in calculating these optional benefits.
Section 1. In every case, the date of birth
of a beneficiary shall be proven by birth certificate, a sworn statement of the
member, or other evidences as the board may require.
Section 2. With reference to any appropriate
option chosen by a retiring member as a result of regular matched
contributions, if at any time the General Assembly by amendment to the
Retirement Act, or otherwise, provides increases in the retirement allowances
of retired teachers, the increase due, if any, shall be calculated upon the
basis of the attained ages of the retiree and the beneficiary on the effective
date of the member's retirement.
Section
3. The annuities provided for shall be determined by such
appropriate annuity mortality tables for male and female lives in use by the
system, as prepared by the actuary, and approved by the board of
trustees.
Notes
STATUTORY AUTHORITY: KRS 161.310
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