Kansas Retirement Benefits Plan

• Category: Corporations - Public - Retirement
• State: Multi-State
• Control #: US-CC-21-166
• Format: Word; Rich Text

Description

21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service The Kansas Retirement Benefits Plan, commonly known as KP ERS (Kansas Public Employees Retirement System), is a comprehensive retirement program designed to offer financial security to public employees in the state of Kansas after they conclude their service. KP ERS provides various types of retirement benefits to eligible participants, ensuring a well-planned and stable post-employment life. One of the main retirement plans under KP ERS is the Defined Benefit (DB) plan. This plan offers a predictable retirement income based on a formula that factors in an employee's years of service, average final compensation, and retirement age. Participants in the DB plan contribute a portion of their salary regularly, which is then invested by the plan's trustees to generate returns and ensure adequate funding for future benefits. Additionally, KP ERS also offers a Hybrid plan, known as the Kansas Public Employees Retirement System Defined Contribution (DC) plan. This plan allows employees to make their own contributions, which are then invested in various investment options offered by the KP ERS Board of Trustees. The investment returns determine the eventual retirement benefit, providing participants with some flexibility compared to the traditional DB plan. In recent years, KP ERS has implemented reforms to ensure its long-term sustainability and improve retirement benefits. These reforms include adjusting contribution rates, enhancing investment strategies, and modernizing the retirement age and service requirements. The Kansas Retirement Benefits Plan provides retirement security not only for state and local government employees but also for teachers and other school employees. It offers valuable options such as survivor and disability benefits, ensuring financial protection for employees' families in case of unexpected events. KP ERS strives to foster retirement readiness among public sector workers, empowering them to plan for a rewarding and financially stable future. To summarize, the Kansas Retirement Benefits Plan (KP ERS) is a comprehensive retirement program offering various types of benefits to public employees in the state of Kansas. The plan consists of the Defined Benefit (DB) plan and the Defined Contribution (DC) plan, allowing participants to choose the most suitable option for their retirement goals. Through ongoing reforms and prudent management, KP ERS ensures the long-term sustainability of retirement benefits and aims to equip public employees with the financial security they deserve.

The Kansas Retirement Benefits Plan, commonly known as KP ERS (Kansas Public Employees Retirement System), is a comprehensive retirement program designed to offer financial security to public employees in the state of Kansas after they conclude their service. KP ERS provides various types of retirement benefits to eligible participants, ensuring a well-planned and stable post-employment life. One of the main retirement plans under KP ERS is the Defined Benefit (DB) plan. This plan offers a predictable retirement income based on a formula that factors in an employee's years of service, average final compensation, and retirement age. Participants in the DB plan contribute a portion of their salary regularly, which is then invested by the plan's trustees to generate returns and ensure adequate funding for future benefits. Additionally, KP ERS also offers a Hybrid plan, known as the Kansas Public Employees Retirement System Defined Contribution (DC) plan. This plan allows employees to make their own contributions, which are then invested in various investment options offered by the KP ERS Board of Trustees. The investment returns determine the eventual retirement benefit, providing participants with some flexibility compared to the traditional DB plan. In recent years, KP ERS has implemented reforms to ensure its long-term sustainability and improve retirement benefits. These reforms include adjusting contribution rates, enhancing investment strategies, and modernizing the retirement age and service requirements. The Kansas Retirement Benefits Plan provides retirement security not only for state and local government employees but also for teachers and other school employees. It offers valuable options such as survivor and disability benefits, ensuring financial protection for employees' families in case of unexpected events. KP ERS strives to foster retirement readiness among public sector workers, empowering them to plan for a rewarding and financially stable future. To summarize, the Kansas Retirement Benefits Plan (KP ERS) is a comprehensive retirement program offering various types of benefits to public employees in the state of Kansas. The plan consists of the Defined Benefit (DB) plan and the Defined Contribution (DC) plan, allowing participants to choose the most suitable option for their retirement goals. Through ongoing reforms and prudent management, KP ERS ensures the long-term sustainability of retirement benefits and aims to equip public employees with the financial security they deserve.