Kentucky Employees Retirement System - Hazardous (KERS-H)
For Public Safety Officers and other qualified Public Safety employees. Summary:
Member pays 8.0% and the University pays 24.25%.
You are vested after five years of service.
Vesting entitles members to all benefits offered by the system upon meeting eligibility either by service or disability.
The normal retirement age is 55.
You can retire with full benefits regardless of age after 20 years of service.
The retirement plan is not portable.
Any premature withdrawal of your contribution to the retirement fund will be subject to substantial penalties unless transferred to a recognized retirement fund.
The retirement system offers a number of payout options upon retirement.
The member's retirement income is determined by the following formula: Years of service X 2.49% X final compensation.
Effective July 15, 1998, "final compensation" for member means the three fiscal years in which the member had the highest average monthly salary. For additional information and formula to calculate monthly benefit, see www.kyret.ky.gov
How Your Retirement Benefits are Calculated