Ky Teacher Retirement Pay Dates


Members Of More Than One Retirement Plan

Bill to change retirement benefits for new Kentucky teachers passes House

If you are a member of more than one Washington state retirement system, you are a dual member. You can combine service credit earned in all dual member systems to become eligible for retirement. However, your retirement benefit will be calculated using only the service credit earned in each system.In most cases, your monthly benefit will be based on the highest base salary you earned, regardless of which system you earned it in. Base salary includes your wages and overtime and can include other cash payments if those payments are included as base salary in all the retirement systems you are retiring from.

How Long Does My Withdrawal Take

How long will it take to get my first Plan 3 payments? The timing is dependent on a few things. Because Plan 3 has a pension and an investment part, withdrawals from your accounts are separate and have unique timeline factors. The type of withdrawal you choose will also affect your payout timeline. When you complete your request, youll receive information specific to your withdrawal type.

Investment withdrawals The investment portion you pay into has investment shares with valuation time periods that vary by the investment program you selected. If youve already left service and your employer has electronically uploaded your separation date, the following timelines will apply. It could take an additional 30 days beyond the timeframes given below if your employer hasnt reported your separation to DRS. Plan 3 members have two investment programs to choose from and you can transfer your contributions from one fund to the other.

When DRS issues the required estimate to you, you can apply for retirement through DRS. Complete your retirement application online. If you are a member of multiple DRS retirement systems, you can request a paper application. Well walk you through the next steps when we issue your official benefit estimate. This retirement planning checklist is also a great resource.

Pension benefit

Employees’ Retirement System Of Georgia

During the Annual Board meetings on April 21, 2022, the Boards of Trustees for the Employees Retirement System , the Legislative Retirement System , the Judicial Retirement System , and the Public School Employees Retirement System considered whether to grant post-retirement benefit adjustments to retirees and beneficiaries in FY 2023. Actions taken by the Boards are as follows:


APPROVED: A 1.5% monthly cost of living adjustment for retirees and beneficiaries, payable on benefits not in excess of the Social Security wage base, with the following stipulations:

  • must have a retirement effective date on or before 07/01/2021 for the July 2022 COLA, and
  • non-disability retirees Normal Retirement Date must be at least 12 months prior to July 2022
  • disability retirees must be at least 45 years of age or older
  • not available to GSEPS retirees with a membership date on or after 07/01/2009
  • SGLI annuities are not eligible for COLA

The 1.5% increase as of July 1, 2022 will be reflected in the July monthly benefit payment.


APPROVED: A 1.5% monthly cost of living adjustment for retirees and beneficiaries, with the following stipulations:

  • must have a retirement effective date on or before 12/1/2021 for the July 2022 COLA, and
  • non-disability retirees must be at least 45 years of age or older
  • disability retirees have no age restrictions
  • not available to retirees with a membership date on or after 07/01/2009


  • not available to retirees with a membership date on or after 07/01/2009

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Annuity Payments / Eft Dates

Electronic Fund Transfer or Direct Deposit provides for the electronic transfer of your annuity directly to your bank account. It allows you to have immediate access to your funds.

The dates for 2022 are: Jan. 28, Feb. 25, March 29, April 28, May 27, June 28, July 28, Aug. 29, Sept. 28, Oct. 28, Nov. 28 and Dec. 29.

The first payment of 2023 will be Jan. 27.

Always keep addresses current at TRS or call 800-618-1687 with any questions. Go to Forms for Retired Members to obtain the form to make changes to your bank or checking account related to your direct deposit.

Youll Need This Information

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The following preparation can expedite your request:

Provide the dates for the missing service. Find your service credit history in your online account.

Let us know if there is a gap in your service credit or if you withdrew from your account.

  • If there is a gap in your service credit, do you know why? Were there any special circumstances around your employment at the time? Some common events for missing credit include: authorized leave of absence, childbirth, substitute teaching, temporary duty disability, or injury.
  • If you withdrew from your account, when did you pull out the contributions?

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Federal Taxes On Your Benefit

Most, if not all, of your benefit will be subject to federal income tax. The only exception will be any portion that was taxed before it was contributed. When you retire, we will let you know if any portion of your contributions has already been taxed.

Since most public employers deduct contributions before taxes, its likely your entire retirement benefit will be taxable.

At retirement, you must complete and submit a federal W-4P form to let us know how much of your benefit should be withheld for taxes. If you dont, IRS rules require withholding as if you are married and claiming three exemptions. You can adjust your withholding amount at any time during retirement by completing a new W-4P form.

For each tax year you receive a retirement benefit, we will provide you with a 1099-R form to use in preparing your tax return . These forms are usually mailed at the end of January for the previous year. The information is also available through your online account.

It is your responsibility to declare the proper amount of taxable income on your income tax return.

Kentucky’s Retired Teachers Can Be Rehired And Keep Their Pensions To Help With Teacher Shortage

  • Sara Sidery

A masked teacher and masked students in a Jefferson County classroom.

Students at McFerran Preparatory Academy demonstrate how JCPS classes will look in the 2021-22 school year.

Pictured: Jefferson County Public School students in class. The last day of school for JCPS is May 27, 2021.

LOUISVILLE, Ky. — Retired teachers across Kentucky could be brought back into the classroom, potentially for a lot of money. Some retirees could make more than six figures to help out during a teacher shortage.

Thanks to Senate Bill 1, retired teachers would be paid to come back to the classroom while keeping their pension.

“We’re really encouraging retired teachers to come back to us and help us out,” said Jefferson County Public Schools Superintendent Marty Pollio.

At the special session in Frankfort this month, lawmakers addressed some concerns about education during the pandemic. Because of the statewide teacher shortage, school districts can go from hiring just 1% of retired teachers to 10%.

“We can now hire approximately 650 retired teachers, full-time, that don’t have to give up their pension,” said Pollio.

As for the payroll, pandemic relief money can pay their salary, at the same rate as before retirement. The change to the law now allows the state’s retired teachers to double dip through mid-January.

JCPS says it has various jobs available at nearly every school. Potential hires, including substitutes, could even choose which school they’d like to work at.

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Is An Annuity Right For Me

Annuities can provide guaranteed income for your life. And they offer security through a set monthly income which can increase annually if you are eligible for a Cost-of-Living Adjustment . However, flexibility is not a feature of annuities. Once you set it up, an annuity doesnt allow you to change the income amount. Once you begin receiving monthly payments, you cannot cancel the annuity.

With annuities, you take money out of market risk and use it to give yourself a monthly lifetime income. Annuities are the only investment withdrawal option that guarantee you will not outlive your account balance.

When Do You Get Paid

Proposed changes to Kentucky teachers’ retirement plan

Your pension money will be direct deposited into your bank account on the last business day of the month, every month, for the rest of your life. The retirement application has a section for your bank information so your funds will be deposited. Once youve retired, you can make any updates to your direct deposit through your online account.

See live or recorded retirement planning webinars.

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How Many Hours Are You Working

If youre going to work less than 867 hours in a calendar year, your benefit wont be affected. If you return to work for an employer covered by one of the state retirement systems in a DRS eligible position, your benefit could be affected if you work more than 867 hours per year. Your employer can tell you whether your position is eligible.

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.

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Your Defined Benefit Retirement Plan

Your Defined Benefit Retirement Plan is a retirement benefit, sponsored by TRS. This specific plan provides retirees, like you, a predictable retirement income for life, no matter how long you live. The term defined benefit is derived from the fact that your lifetime retirement benefit is determined by a defined formula that includes: a formula factor, your final average salary and your service credit earned while employed by a TRS-covered employer.

For information on Social Security benefit and how it may be affected by your TRS pension, you may contact the Social Security office or visit its website at for details.

The links in the drop-down menus contained in the blue area above will take you to pages that provide details on virtually every aspect of TRS.

Approximately 90% of all public employees in the United States participate in a defined benefit pension plan, making these plans the dominant retirement benefit among public employees.

How Is The Minimum Payment Calculated

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You can calculate your required minimum distribution by taking the previous years Dec. 31 investment account balance and dividing it by the IRS distribution period based on your age. If you are a member of Plan 3 and DCP, you have two investment accounts that are subject to minimum distribution requirements and you calculate these separately.To calculate your own RMD withdrawal, you can use the tables below. Find your age in the table. The distribution period is the number you divide your total investment account balance by to get the required minimum amount. See the following table for an example.

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National Security Personnel System

NSPS is the Department of Defense’s flexible and responsive civilian management system that values performance and contribution, encourages communication, supports broader skill development and promotes excellence in the workplace. Some DoDEA employees have been converted to NSPS based on their permanent position of record under the General Schedule . When employees convert into NSPS, they experience no loss in pay. Employees in NSPS are placed into a Career Group, Pay Schedule and Pay Band based on their occupations and levels of duties and responsibilities.

Overseas Educators And Administrators

The pay for DoDEA overseas educators and administrators in the Teaching Position pay plan is based on the pay for similar positions in urban school districts in the United States of 100,000 or more population. An educator’s pay is based upon the educational level of the employee and the number of years of creditable experience.

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More Information About Federal Limits

The IRS characterizes the retirement systems as 401 defined benefit plans. To retain status as qualified plans, the systems must comply with federal regulations. For more information about salary limit regulations, see Internal Revenue Code Section 401. For more about benefit limit regulations, see IRC 415.

For more information see these IRS resources:

See a live or recorded benefit options webinar.

Elected Or Appointed Official

Explainer: What’s in the Kentucky pension bill

As an elected or governor-appointed official, you are eligible to join a state retirement plan. To earn service credit, most elected positions need to earn at least 90 times the state minimum wage each month. Or you can participate if you are already working in another position with a DRS retirement plan.To enroll or opt out, complete this membership form. You can enroll at any time during your elected or appointed service. Your contributions will continue until you separate from employment.

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What Is The Average Teacher Pension In My State

Interested in data on the average teacher pension in your state? See the chart below for data on the average teacher pension in your state. But before you do, here are some caveats to what you’re looking at:

1. Not all teachers qualify for a pension. States can and do set relatively high minimum service requirements, ranging from five to 10 years, and over half of incoming teachers wont qualify for retirement benefits in their state. Leaving these teachers out of the overall pool obscures who gets counted in the average pension.

2. Of the teachers who do qualify for a pension, their benefits will vary widely. The statistical average, or mean, hides the fact that only a small percentage of incoming teachers will receive a full career pension at retirement, while many, many more get only a small amount. Also, teachers in 15 states aren’t covered by Social Security pensions in these states tend to be larger to make up for this fact.

3. These amounts only tell us what a teacher earns at retirementnot what she contributed to her state or local system. The averages include many teachers who qualify for some pension, but those pensions may be worth less than the value of the teacher’s own contributions.

Knowing what your states average pension can be interesting. But this amount doesnt necessarily reflect the amount that many teachers actually earn. With those caveats in mind, here are the data:

How Much Will Your Investment Retirement Be

The total amount available from your investment account in retirement will depend on a few things.

  • The income percentage you chose when you selected the plan
  • Your income and years of contributions
  • Investment selection and performance

Get a complete picture of your projected retirement income through your investment account. Here you can add your Plan 3 pension and investment income, social security, and any additional retirement savings such as DCP.

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How Do Annuities Affect My Taxes

Each year youll receive a statement that shows the taxable amount of your annuity. Complete a Form W-4P to choose the amount youd like withheld from your payments for taxes. Without a Form W-4P, the tax withholding will follow IRS guidelines using a status of married with three allowances.For more information about taxes, review IRS Publication 575. You might want to consult a tax advisor. DRS and the record keeper are not authorized to give tax advice.

When Is It Due

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DRS must issue your minimum payment by Dec. 31 to meet IRS requirements. Youll usually receive your payment earlier in December. DRS will send you 1-2 reminder letters in the year you turn age 72 so youll know the RMD is coming. In the years after age 72, these payments will be automatic. You can change the frequency and amount of payment anytime by completing a Plan 3 withdrawal. Your withdrawal amount must at least meet the required annual minimum.

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Trs Plan 3 Pension Formula

1% x service credit years x Average Final Compensation = monthly benefit


Lets say you work 23 years and the average of your highest 60 months of income is $5,400 per month.

1% x 23 years x $5,400 = $1,242

When you retire, youd receive $1,242 per month in pension income. Remember, your investment income is calculated separately.

When Can I Withdraw Money From Plan 3

You must be separated from Plan 3-covered employment to withdraw from your account. The rules to withdraw money from your pension or investment accounts are different. You can access your Plan 3 investment contributions any time after you leave DRS-covered employment. To withdraw your employer-funded pension, you must meet minimum age and service year requirements.

Can I withdraw from Plan 3 while employed?

No. If you submit an investment withdrawal request while you are still employed, the request will be held for up to 180 days until we receive a separation date from your employer. Once you separate, the withdrawal will be processed.

What about loans or borrowing from my Plan 3 account? Per federal regulations, borrowing from your account is not permitted. See loans or borrowing for more information.

Does Plan 3 offer hardship withdrawals?

No. Plan 3 does not allow any withdrawals while you are employed, including hardship withdrawals. If you separate from Plan 3-covered employment, you can withdraw your investment contributions at any time. See how long does my withdrawal take below for more information about withdrawal processing timelines. If you have a DCP account, an Unforeseeable Emergency Withdrawal may be possible under certain criteria. To discuss the requirements and obtain an Unforeseeable Emergency Withdrawal Packet, contact a DCP representative at 888-327-5596.

Does Plan 3 allow loans or borrowing?

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How Much Will It Cost

You can recover between five and 10 years of service, depending on your circumstance. If your service was during a period of war or an armed conflict during which you earned a campaign badge or medal, you can recover up to five years of interruptive military service credit at no cost to you. For other military service, you will receive an optional bill for the member retirement contributions you would have paid on your normal salary during that time .

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