Kentucky Administrative Regulations
Title 105 - KENTUCKY PUBLIC PENSION AUTHORITY
Chapter 1 - General Rules
Section 105 KAR 1:170 - Membership form requirements
Current through Register Vol. 50, No. 9, March 1, 2024
RELATES TO: KRS 16.530, 61.525, 61.526, 61.540, 61.542, 61.545, 61.625, 78.540
NECESSITY, FUNCTION, AND CONFORMITY: KRS 61.645(9)(e)[(g)] authorizes the Board of Trustees of Kentucky Retirement Systems to promulgate all administrative regulations necessary or proper in order to carry out the provisions of KRS 61.515 to 61.705, 16.510 to 16.652, and 78.520 to 78.852. KRS 16.530, 61.526 and 61.540 require a member of the Kentucky Employees Retirement System, County Employees Retirement System or State Police Retirement System to file information with the Board of Trustees as a condition of membership. KRS 61.542 requires a member to file a designation of beneficiary. KRS 61.625 establishes the conditions under which a member may apply for a refund. 26 U.S.C. 401(a) provides that a qualified pension plan cannot make distributions prior to normal retirement age if a separation from service has not occurred. This administrative regulation establishes the information required for membership and establishes that the member shall not receive a refund unless the member has terminated employment.
Section 1. An employee eligible for participation on the date his agency first participates shall complete a "Form 2010, Election or Rejection of Participation", designating his desire to participate in or waive participation and benefits in the retirement system. The original form shall be kept on file in the retirement office.
Section 2. Within thirty (30) days of participation, an employee who is required to participate or who elects to participate shall complete a "Form 2001, Membership Information". The membership form shall be kept on file in the retirement office.
Section 3. An employee may also complete a "Form 2035, Beneficiary Designation" which shall be sent to the retirement office.
Section 4.
Section 5. Pursuant to KRS 61.625, an employee who is not vested for monthly benefits may request a refund of his account by completing and returning a "Form 4525, Application for Refund of Member Contributions and Direct Rollover/Direct Payment Selection". The Kentucky Retirement Systems shall not issue a refund to a member unless the member has terminated employment with his employer.
Section 6. Incorporation by Reference.
STATUTORY AUTHORITY: KRS 61.645(9)(e), 26 C.F.R. 1.401-1(b)(1)(i), 26 U.S.C. 401(a).