Kansas Defined-Benefit Pension Plan and Trust Agreement

• Category: Trusts - Business
• State: Multi-State
• Control #: US-1073BG
• Format: Word; Rich Text

Description

A defined benefit pension plan is a type of pension plan in which an employer or sponsor promises a specified pension payment, lump-sum (or combination thereof) on retirement that is predetermined by a formula based on the employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay. A defined benefit plan is "defined" in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan", the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. The Kansas Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan established by the state of Kansas for its employees. This plan is designed to provide eligible employees with a guaranteed income for their entire retirement period, based on a predetermined formula determined by factors such as years of service, salary history, and age. The Kansas Defined-Benefit Pension Plan and Trust Agreement operates under a trust agreement, ensuring that the pension fund's assets are managed carefully and that the benefits are securely financed for the beneficiaries. The trust agreement safeguards the funds and ensures responsible management to fulfill the retirement obligations of the state's employees. There are several types of Kansas Defined-Benefit Pension Plan and Trust Agreements available, each catering to specific groups of employees: 1. Kansas Public Employees Retirement System (KP ERS): This plan covers employees in state and local government, including school districts and participating public organizations. KP ERS offers retirement benefits to teachers, municipal employees, state workers, and other public entities. 2. Kansas Police and Fire Retirement System (KPF): This plan focuses on providing retirement benefits exclusively for police officers and firefighters throughout Kansas. It offers specific provisions, including early retirement options and disability benefits, tailored to the unique circumstances of service personnel. 3. Kansas Judicial Retirement System (KJ RS): This plan caters to judges and other members of the judicial system within Kansas. It ensures that those working within the judiciary are provided with financial security upon retirement and rewards for their honorable service. 4. Kansas Retirement System for Judges (JR): This plan specifically addresses the retirement needs of state judges, including Supreme Court justices, Court of Appeals judges, and District Court judges. It offers retirement income options and benefits packages specifically tailored to the judiciary profession. Overall, the Kansas Defined-Benefit Pension Plan and Trust Agreement aims to provide financial stability and security to state employees during their retirement years. These plans play a critical role in attracting and retaining a dedicated and talented workforce, ensuring the well-being and future success of Kansas as a whole.

The Kansas Defined-Benefit Pension Plan and Trust Agreement is a comprehensive retirement plan established by the state of Kansas for its employees. This plan is designed to provide eligible employees with a guaranteed income for their entire retirement period, based on a predetermined formula determined by factors such as years of service, salary history, and age. The Kansas Defined-Benefit Pension Plan and Trust Agreement operates under a trust agreement, ensuring that the pension fund's assets are managed carefully and that the benefits are securely financed for the beneficiaries. The trust agreement safeguards the funds and ensures responsible management to fulfill the retirement obligations of the state's employees. There are several types of Kansas Defined-Benefit Pension Plan and Trust Agreements available, each catering to specific groups of employees: 1. Kansas Public Employees Retirement System (KP ERS): This plan covers employees in state and local government, including school districts and participating public organizations. KP ERS offers retirement benefits to teachers, municipal employees, state workers, and other public entities. 2. Kansas Police and Fire Retirement System (KPF): This plan focuses on providing retirement benefits exclusively for police officers and firefighters throughout Kansas. It offers specific provisions, including early retirement options and disability benefits, tailored to the unique circumstances of service personnel. 3. Kansas Judicial Retirement System (KJ RS): This plan caters to judges and other members of the judicial system within Kansas. It ensures that those working within the judiciary are provided with financial security upon retirement and rewards for their honorable service. 4. Kansas Retirement System for Judges (JR): This plan specifically addresses the retirement needs of state judges, including Supreme Court justices, Court of Appeals judges, and District Court judges. It offers retirement income options and benefits packages specifically tailored to the judiciary profession. Overall, the Kansas Defined-Benefit Pension Plan and Trust Agreement aims to provide financial stability and security to state employees during their retirement years. These plans play a critical role in attracting and retaining a dedicated and talented workforce, ensuring the well-being and future success of Kansas as a whole.