How do you calculate KRS?
For Tier 1 members, final compensation, or salary average, is determined by dividing the total salary earned (5-High or 3-High) by the total months worked and then multiplying by twelve to annualize. KRS calculates benefits based on a fiscal year, which begins July 1 and ends June 30.
What is CERS in KY?
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.
How does Ky pension work?
Nonhazardous retirement benefits are based upon a 5-High Final Compensation. When Final Compensation is based on the 5-High, it must include at least 48 months and a minimum of five fiscal years. When Final Compensation is based on the 3-High, it must include at least 24 months and a minimum of three fiscal years.
How do I withdraw from Kentucky retirement?
If you are interested in taking a refund you should contact KPPA for more information, or to obtain a Form 4525, Application for Refund of Member Contributions. You may also call us at 502-696-8800 or Toll-Free at 800-928-4646, or complete the request below to obtain a form via mail.
What is the difference between KERS and CERS?
KERS: Unlimited amount (most agencies) amount used toward determining retirement benefits. CERS: (Optional for CERS employers) Employer chooses level and amount used toward determining retirement benefits. Limited to 12 months between KERS, CERS, and SPRS for purposes of determining monthly benefits.
What is cers on my paycheck?
CERS is a defined-benefit contribution retirement plan funded only by local governments and their employees. Each year, the KRS Board of Trustees determines how much the city has to pay into the system, which includes required cost of living adjustments.
Can I borrow from my Ky retirement?
Can I borrow money from my account with KPPA? No. There are no provisions in State statutes or regulations that allow KPPA to administer loans from member accounts.
How long does it take to get retirement refund?
30 to 45 days
When will I receive my payment? We process complete refund election form packages in the order of receipt. You can typically expect to receive your refund within 30 to 45 days from the date we receive all your necessary forms.
What does Tier 2 mean with unemployment in KY?
9 Tier 2. A member who has hazardous and nonhazardous service will receive two monthly benefits: one for the hazardous service and one for the nonhazardous service.
Do Ky state employees pay into Social Security?
Workers covered by a Section 218 agreement automatically have both Social Security and Medicare. State and local government employees who are covered by Social Security and Medicare pay into these programs and have the same rights as workers in the private sector.