102 KAR 1:270. Statement of member account.

 

      RELATES TO: KRS 161.580

      STATUTORY AUTHORITY: KRS 161.310

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 161.310 requires the Board of Trustees of the Kentucky Teachers’ Retirement System to promulgate administrative regulations for the administration of the funds of the retirement system and for the transaction of business. KRS 161.580 requires the Board of Trustees to maintain an individual account for each member showing the amount of the member’s contributions and accumulated interest. This administrative regulation establishes standards for the content and procedures for the distribution of annual statements of members’ accounts.

 

      Section 1. Each member shall be provided with an annual statement of his or her account. Each member’s annual statement shall contain the following information if applicable:

      (1) Date of birth;

      (2) Member identification;

      (3) Total service credit accrued or purchased through the end of each fiscal year or as of the employee’s termination date;

      (4) Total member contribution and interest accumulation through the end of each fiscal year or as of the employee’s termination date;

      (5) Final average salary used to determine benefits;

      (6) Benefit payable at normal retirement age; and

      (7) Date of eligibility for an unreduced benefit.

 

      Section 2. Each member shall be mailed on an annual basis to his or her last known address a statement of his or her account. Additionally, letters reflecting account status shall be mailed to inactive members with vested benefits who request a refund of their accumulated contributions and interest. In addition to the information listed in Section 1 of this administrative regulation, the letter shall inform the member that refunding the account will result in the member forfeiting a retirement benefit to which the member would otherwise be entitled. Letters shall be mailed to each member’s last known home address prior to payment of a refund of contributions. (28 Ky.R. 2751; eff. 8-12-2002.)