Kentucky Retirement System (KRS)
For employees in positions that do not require a Bachelor's Degree
- Individuals hired on or after September 1, 2009 contribute 6% of th monthly wage and the University pays 16.98% of the monthly wage.
- Individuals with prior membership that still hold a KRS account pay 5% of the monthly wage and the University pays 16.98%.
- 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 65.
- You can retire with full benefits regardless of age after 27 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.
- Retirement income is based on member's contributions and years of service. For information on the appropriate formula to calculate monthly benefit see www.kyret.ky.gov
How to Calculate Your Retirement Benefits