Section 21.357 - Summary plan description - Publication - Recipients(1) The Judicial Retirement Board shall prepare and furnish to all active members a summary plan description, written in a manner calculated to be understood by the members and beneficiaries, and sufficiently accurate and comprehensive to reasonably apprise them of their rights and obligations under the Judicial Retirement System.(2) The summary plan description shall include:(a) The name and address of the retirement system, the name of the manager, and the name and address of each member of the Judicial Retirement Board;(b) The name and address of the person designated for the service of legal process;(c) The system's requirements for participation and benefits;(d) A description of retirement formulas for normal, early and disability retirement, and survivor benefits;(e) A description of the requirements for vesting of pension benefits;(f) A list of circumstances which would result in disqualification, ineligibility, or denial or loss of benefits;(g) The sources of financing retirement benefits, and statutory requirements for funding;(h) A statement after each actuarial valuation as to whether funding requirements are being met; and(i) The procedures to be followed in presenting claims for benefits under the plan, and the remedies available under the plan for the redress of claims which are denied in whole or in part.(3) The board may publish the summary plan description in the form of a comprehensive pamphlet or booklet, or in the form of periodic newsletters which shall incorporate all the information required in the summary plan description within a period of two (2) years. Any changes in statutory requirements or administrative practices which alter the provisions of the plan as described in the summary plan description shall be summarized as required in subsection (1) of this section and furnished to members in the form of a supplement to a comprehensive booklet, or reported in the periodic newsletter.(4) The board shall provide to retirees and beneficiaries so much of the summary plan description as they need to understand changes in benefits which apply to them.Effective:7/15/1980
Created 1980 Ky. Acts ch. 246, sec. 14, effective July 15, 1980.