Kentucky Defined-Benefit Pension Plan and Trust Agreement
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FAQ
At least 25 years of service credit, up to 27 years of service, at any age.
A number of situations could put your pension at risk, including underfunding, mismanagement, bankruptcy, and legal exemptions. Laws exist to protect you in such circumstances, but some laws provide better protection than others.
Multipliers are sometimes known by other terms, such as accrual rate or crediting rate but they mean the same thing. A typical multiplier is 2%. So, if you work 30 years, and your final average salary is $75,000, then your pension would be 30 x 2% x $75,000 = $45,000 a year.
Members pay a pre-tax 5% rate based on creditable compensation, if nonhazardous; 8% if hazardous duty. Employers pay different rates based on the member's system, and nonhazardous vs. hazardous duty. The employer contributions are paid into the Retirement Allowance Account, and are used for paying monthly benefits.
The pension could provide an income of 85% of your pay. More years usually mean more money. Your pension may be subject to a vesting schedule that dictates how much you would get based on how long you've been with the company.
The law generally allows state courts to revoke or reduce the pension of a state, municipal, or quasi-public agency employee who is (1) convicted of, or pleads guilty or no contest to, certain crimes related to his or her employment and (2) entitled to a pension benefit under the general statutes for service as a
The good news is that both Federal and Provincial laws do a great job of protecting one's pension, as in addition to your OAS, GIS and CPP, private pensions are protected when you file for bankruptcy.
While defined benefit plans generally guarantee either a monthly payment or set lump-sum payout, depending on your salary or how long you remain with a company, defined contribution plan payouts aren't guaranteedthey depend on employee contributions and the performance of the underlying investments.
The County Employees Retirement System (CERS) is part of the Kentucky Retirement Systems (KRS) and pays a monthly benefit upon retirement based on the type of retirement and years of credited service. Participants also contribute to the Social Security and Medicare Systems.
The benefits offered by TRSs include traditional defined-benefit pensions along with defined-contribution plans including 403(b) plans, which resemble 401(k)s. The specific benefits of TRS plans vary widely by state and even by the school district.
