Kentucky Teacher Retirement System Phone Number

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Kentucky Teachers Retirement System

KPPA Reemployment After Retirement Webinar

KTRS is a defined benefit retirement plan for benefitted positions at EKU that require certification or a 4-year college degree or higher, and does not allow experience to substitute for a college degree.

Benefited employees must participate by law and have 30 days to enroll after starting employment. In order to be vested, an employee must have at least 5 years of service.

Contributions

Employees contribute 8.185% of compensable earnings on a pre-tax basis.

Tips For A Successful Retirement

  • Having a set of financial goals before you reach retirement age is the best way to ensure that youre not just endlessly saving. This will help to identify where you want to end up, and can make your retirement more tangible and attainable.
  • Retirement is tough to be prepared for, even if you do have a pre-set pension with the state. The professional guidance of a financial advisor might be perfect way to get your plans in order, all while managing your current finances. SmartAssets financial advisor matching tool has the ability to pair you up with three advisors in your area that are equipped to handle your needs.

Current Financial Health Of The Kentucky Retirement System

Kentuckys pension funds are the most underfunded in the U.S., with about $20,000 per state resident in unpaid for liabilities. In order to try and realize some level of growth, the state has taken on much more investment risk with its pension funds. In the Kentucky retirement system, that could lead to more trouble. Furthermore, because Kentucky has increased spending within its pension fund, other areas of the state governments services have suffered financially. The education sector is one such example.

There is a hopeful light at the end of the tunnel, though. Governor Bevin has taken aim at this major problem, implementing a plan entitled Keeping the Promise that began July 1, 2018. This strategy takes a multi-pronged approach to try and build this broken system. In addition, the program still protects the rights of those at critical times in their retirement or near-retirement lives. For example, there will be no reductions to current pension checks and the full retirement age will not be altered.

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Types Of Retirement Systems In Kentucky

Kentucky has a fairly large number of retirement systems for it public employees, with eight offerings across all different jobs. The benefits and retirement requirements that accompany these plans are based on what the position entails. This is most evident with its hazardous versus non-hazardous programs. The more dangerous positions come paired with stronger perks and easier-to-meet prerequisites.

The retirement systems Kentucky offers for public employees are divided into three groups: Kentucky Retirement Systems , Kentucky Judicial Form Retirement System and Teachers Retirement System of Kentucky . KRS consists of the most, and includes the KERS-H, KERS-NH, CERS-H, CERS-NH and SPRS plans. The KJFRS is significantly smaller, and is comprised of just the KJRP and KLRP plans. The TRS program stands on its own.

Kentucky Teachers Retirement System Presented By Cumberland County

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KENTUCKY TEACHERS RETIREMENT SYSTEM Presented by Cumberland County Board of Education Kristi Willen, CFO

185 Whats in a number? 162 12. 855

Kentucky Teachers Retirement System Recognizing the Value of Your Sick Days: Its a Win/Win Situation! Your Sick Leave Payment is paid to you by the Board of EducationAND is added to your Final Average Salary!

Recognize the Value of Your Sick Leave How is Sick Leave Calculated? Daily Rate X Percentage Paid X Number of Unused Sick Days = Sick Leave Payment **Example** $54, 000/185 = $291. 89 Daily Rate $291. 89 X 30% = $87. 57 162 Sick Days at Retirement=$14, 186. 34 185 Sick Days at Retirement=$16, 200. 45 237. 5 Sick Days at Retirement =$20, 797. 00

$20, 797. 00 is added to your last year of salary when KTRS calculates your retirement annuity. Last year contract salary = $54, 000. 00 Sick Leave payment = $20, 797. 00 Total last year salary = $74, 797. 00 Plus+ the Cumberland County Board of Education pays you $20, 797. 00 at the time of your retirement!!!

How to calculate your retirement. . . Total Service Credit X Total Multiplier X FAS =Annual Benefit Service Credit is total number of years an employee has contributed into KTRS Multiplier is the value for each year of service credit earned with KTRS Final Average Salary 27 years OR age 55 = High 5 FAS 27 years AND age 55 = High 3 FAS

Your on-line access for Active Members Retired Members 16

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Kentucky Employees Retirement System

  • The Kentucky Employees Retirement System provides for retirement allowances and other benefits for an employee of Murray State University who is not employed in a position covered by the Kentucky Teachers’ Retirement System. The retirement system in which an employee participates is determined by Human Resources based upon the eligibility for the Teachers’ Retirement System.

  • Each regular, full-time employee and each regular part-time employee who works an average of l00 hours or more per month during a fiscal or calendar year in a KERS position is mandatorily included in the system. Part-time employees who work less than an average of l00 hours per month during a fiscal or calendar year, and seasonal& temporary employees are excluded from membership in the system.

  • Temporary employees in a KERS position who average more than 100 hours per month during a fiscal or calendar year and have a one calendar month break in service once the limit of nine months is met will be excluded from membership in the system. A termination and re-hire date must exist for the break in service.

  • The Kentucky Retirement System is an agency of the Commonwealth of Kentucky. KRS policies are mandated by law and subject to change.

  • Information Resources

  • Information may be obtained by contacting Human Resources.

  • When requesting information from the Retirement System, please be sure to include your Social Security number and current address.

  • Beneficiary Designation

  • Kentucky Teachers Retirement Fund Lost $3m In Selling Investment In Russian Bank

    The Kentucky Teachers Retirement System lost more than $3 million last week in selling off its direct investment in a Russian bank the day before Russia invaded Ukraine, the pension fund said in a statement Friday.

    The retirement system had invested $15.6 million in Russias Sberbank, beginning in March 2017, and sold its shares for $12.4 million on Feb. 23, the statement said.

    Sberbank, Russia’s largest lender, saw its shares fall 95 percent this week after the bank announced it was pulling out of the European market. That announcement came as the U.S. and its allies have increased sanctions against Russia in response to its invasion of Ukraine, roiling the Russian economy.

    The retirement system issued its statement after social media reports surfaced that it was the second-largest shareholder of Sberbank and that its investment had been reduced to less than $1 million.

    The retirement system called those reports completely false.

    From March 2017 until the final sale on Feb. 23, 2022, TRS invested $15.6 million with $12.4 million returned for a loss of $3.2 million, the Teachers Retirement System of Kentucky said in a statement.

    The pension system said its holding was in an over-the-counter, American-exchange portion of Sberbank known as an American depositary receipt and that it was a small piece of the overall Sberbank capital structure.

    Ball said she strongly urges divestment “from all current Russian holdings.

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    Ktrs Retirement & Disability Benefits

    Benefits of all vested members are based on years of service and final compensation. Sick leave balances between 3-6 months will be converted to service credit. Final compensation is the highest average salary of either three or five fiscal years. .

    A member with at least five years of service who qualifies for total disability from any cause receives 60% of the average of the five years’ salary for a minimum of five years-with at least a 50% value thereafter.

    Lawmakers Vote To Revamp Kentucky Teachers Pension Plan

    Pathway Registration (2021)

    Kentucky state Rep. C. Ed Massey

    The Kentucky House of Representatives voted to approve a bill that would move participants in the Kentucky Teachers’ Retirement System, Frankfort, to a hybrid plan.

    The House voted 68-28 in favor of the bill, which creates a tier for teachers hired after Jan. 1, 2022.

    Rep. C. Ed Massey sponsored the bill because the $21.6 billion pension fund “has a huge unfunded legacy,” he said in a telephone interview.

    The changes for teachers hired after Jan. 1 creates “a true hybrid plan,” Mr. Massey said. “There’s a defined benefit component and a defined contribution component. The idea is the defined benefit piece is a Social Security replacement, and the defined contribution piece becomes portable so it gives new hires the opportunity to move back and forth,” Mr. Massey said.

    Beau Barnes, deputy executive director and general counsel of the pension fund, said under the new tier, a total of 17% in employer and employee contributions would go to the DB side of the hybrid plan, and 4% would be contributed to the supplemental plan, which Mr. Barnes said would be a new 403 plan.

    The main intent of the changes is to provide a fixed cost for contributions, he said.

    Mr. Massey said the bill has moved onto the Senate, and he hopes a vote can be completed before March 16. He noted that Gov. Andy Beshear has said he intends to veto the bill, and the need for an override is expected.

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    Kentucky Teachers’ Retirement System

    The Teachers’ Retirement System pays a monthly benefit when you retire based on the type of retirement and the years of credited service.

    Participants do not pay into the Social Security System those hired after April 1986 will participate in the Medicare program.

    Effective July 1, 2002, any person working in a position that requires a certificate or a minimum of a four-year degree will participate in TRS.

    Overview Of Kentuckys Retirement Systems

    Kentucky Employees Retirement System: Hazardous Employees Being that anyone whos part of this program encounters dangerous activities daily, Kentucky offers stronger death and disability benefits. All employers who have employees that fit this hazardous distinction are required to be a part of the program.

    Kentucky Employees Retirement System: Non-Hazardous Employees There are 124,000 employees involved with this retirement system. Around one-third of them remain active members. This theoretically bodes well for this program. Thats because there are more individuals currently contributing to it than taking from it.

    County Employees Retirement System: Hazardous Employees In order for an employer, and therefore its employees, to gain eligibility to this system, the KRS Board of Trustees must approve the admission. But if chosen, the benefits hazardous employees receive are similarly robust to those in the state program.

    County Employees Retirement System: Non-Hazardous Employees This is the most populated plan in the Kentucky retirement system portfolio. It has nearly 200,000 active, inactive and retired members. Although the state isnt doing too well financially, the sheer size of this system should help protect it.

    State Police Retirement System If youre a full-time state police officer, you have no choice but to join the SPRS. It features some of the best retirement ages in Kentucky, but has the smallest member base in the Kentucky retirement system.

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    Recent Awards For It System Replacement Contracts At The School Employees Retirement System Of Ohio And The Kentucky Teachers Retirement System Bring The Total Number Of Pension Administration System Replacement Projects Sagitec Is Implementing For School And Teacher Retirement Plans To Six

    Saint Paul, MN Sagitec Solutions, LLC, a global provider of tailor-made IT solutions for the pension industry, announced today contracts that commenced in mid-2011 with the School Employees Retirement System of Ohio and the Kentucky Teachers Retirement System to deliver new, fully integrated pension administration systems based on Sagitecs Neospin pension administration software framework. With the addition of SERS of Ohio and KTRS, the Minnesota-based company expands its expertise at implementing major IT systems for retirement plans that cover teachers and school employees, bringing its total number of clients with education employee retirement plans to six.

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