A retired member’s beneficiary may be eligible for a death benefit. If a retired member is receiving a monthly benefit based on at least 48 months of service credit, KRS will pay a $5,000 death benefit payment to the beneficiary designated by the member specifically for this benefit. The beneficiary or administrator of the member’s estate must submit proper documentation of the date of death and the qualifications of the administrator. Members with multiple accounts are entitled to only one death benefit. The $5,000 death benefit is subject to federal income tax, but may be eligible for a direct rollover to avoid tax withholding.
The retiree may designate a new beneficiary of the $5,000 death benefit at any time by completing a new Form 6030, Death Benefit Designation
. To be effective, the death benefit beneficiary form must be completed by the retiree and filed at the retirement office prior to the retiree’s death.