(1) (a) A member, upon retirement, shall receive a retirement allowance in the form of a life annuity, with refundable balance, as provided in KRS 161.620, unless an election is made before the effective date of retirement to receive actuarially equivalent benefits under options which the board of trustees approves. (b) An individual who is participating in the supplemental benefit component as provided by KRS 161.635 or 161.636 may, before the effective date of retirement, elect to receive his or her accumulated account balance accrued in the supplemental benefit component annuitized into a monthly payment under one (1) of the actuarial equi valent payment options approved by the board of trustees. (c) No option shall provide for a benefit with an actuarial value at the age of retirement greater than that provided in KRS 161.620, 161.635(5)(a), or 161.636(5)(a), as applicable. This section doe s not apply to disability allowances as provided in KRS 161.661(1). (2) The retirement option chosen by a retiree at the time of service retirement shall remain in force unless the retiree elects to make a change under the following conditions: (a) A divorce, annulment, or marriage dissolution following retirement shall, at the election of the retiree, cancel any optional plan selected at retirement that provides indefinitely continuing benefits to a spousal beneficiary and return the retiree to a single li fetime benefit equivalent as determined by the board; or (b) Following marriage or remarriage, or the death of the designated beneficiary, a retiree may elect a new optional plan of payment based on the actuarial equivalent of a single lifetime benefit at the time of the election, as determined by the board. The plan shall become effective the first of the month following receipt of an application on a form approved by the board. (3) Except as otherwise provided in this section, a beneficiary designation sh all not be changed after the effective date of retirement except for retirees who elect the life annuity with refundable balance or the predetermined years certain and life thereafter option. A member may remove a beneficiary at any time, but shall not designate a substitute beneficiary. If a member elects to remove a beneficiary, the member's retirement allowance shall not change regardless of the retirement option selected by the member, even if the removed beneficiary predeceases the member. A member who is subject to the beneficiary designation restriction of this subsection shall only be allowed to name a new beneficiary when experiencing a qualifying event under subsection (2) of this section, and shall make this change within the deadline established in subsection (4) of this section. (4) A member who experiences a qualifying event under subsection (2) of this section and who elects a new optional plan of payment shall make that election within sixty (60) days of the qualifying event. The deadline for electing a new optional plan of payment or for changing a beneficiary shall not be subject to the jurisdiction of any court or appeal process, nor shall it otherwise be tolled or waived.
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