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movie-icon 2013 Health Ins. Update

Your Defined Benefit Group
Retirement Plan
___________________

Your Defined Benefit Group Retirement Plan is a retirement benefit, sponsored by KTRS, which pays a defined amount upon retirement based on length of service and final average salary of the employee, along with a retirement multiplier. KTRS retirement eligibility is determined by the employee's age and years of service. The service retirement benefit is a lifetime benefit and is guaranteed by KTRS.

Defined Benefit Plan - A Better
Solution
pdf

National Institute on Retirement
Security www.nirsonline.org


Need to know more …..

KTRS Is A Defined Benefit Group Retirement Plan
KTRS is a "defined benefit group retirement " plan qualified under Section 401(a) of the Internal Revenue Code and is operated on a fiscal year basis ending June 30 of each year. As a result of the qualified status of KTRS, since August 1, 1982 your regular contributions to the retirement system that are deducted from your salary are not subject to taxation, but the portion of your

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retirement allowance based on these pre-tax contributions will be. Under 401(a) defined benefit group retirement plans such as KTRS, you are eligible upon retirement to draw a retirement allowance for the rest of your life regardless of how much you contributed to the retirement system over your career in a KTRS-covered position.

A KTRS retirement allowance by law may not be assigned by you, or attached or garnished by a creditor, except for the payment of court ordered child support or to satisfy an Internal Revenue Service tax levy. You may not withdraw your contributions to KTRS unless you permanently separate from service from your KTRS-covered employment, nor may you borrow against your contributions to KTRS. If you do permanently separate from service from your KTRS-covered employment, and if you do wish to then refund your contributions to KTRS, you may maintain the tax-deferred status of your contributions to the retirement system by rolling them over or transferring them in a timely and appropriate manner to another qualified tax-deferred plan.

If you are eligible to retire when you permanently separate from service from your KTRS-covered employment, you must elect to receive a retirement allowance from KTRS rather than a refund of your contributions, unless you wish to use your contributions to purchase retirement credit in another retirement system or unless a KTRS retirement allowance would make you ineligible for Social Security benefits. You do not, however, make FICA contributions to Social Security as a result of your KTRS-covered employment unless you are an employee of a university or community college. As a result of your employment in a position that does not participate in Social Security, the current federal Windfall Elimination Provision law will reduce any Social Security income that you could draw from any Social Security-covered employment and the federal Government Pension Offset will substantially reduce any Social Security benefit that you might draw as the spouse or widower of a Social Security recipient. These are provisions of federal law.

You may contact the Social Security office or visit their website at www.ssa.gov for details.
479 Versailles Road, Frankfort, Kentucky 40601 / Phone: 1-800-618-1687