Abolish Kentucky Retirement Statute for Ex Spouses
KRS 61.690 statute needs to be abolished. This statute protects the \"participant\" of the Ky Retirement Fund which is a marital asset. In the cases of long term marriages - the asset currently is divided by the length of the marriage and if there are any dependents. As the statute reads, there is also not a protective clause stating that the ex-spouse of the marital fund has the right to choose any payment options, death benefits or beneficiaries. The Ex Spouse is not paid from the system - the way the statute reads - the participant needs to pay the ex-spouse from the court order which divides the asset. If the participant does not choose to pay, delay or move out of state - the Ky Retirement System (KERS) does not honor the court order and also does not honor attachments, garnishments or qualified domestic relations orders. The court process may take years and it\'s financial affect on the ex-spouse and children are financially devastating. I am requesting that a case by case basis be considered requiring proof of contempt, fraud or non-compliance by the participant. The current language of the statute will pay a participant to date even if these things occur or if the participant is a criminal. The court process not only takes years, but the financial effect from attorney fees escalate in trying to get protection for the court order and due process taken. As this legislative session has been alerted to this issue since 2002 - it is important to look at the list of names below that agree with changing the statute or abolishing the statute altogether.