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