Retirement Options for Faculty & Staff |
Eligibility |
Employee/ Employer Contribution |
Retiree Health Insurance Coverage |
Vesting |
Long-term Disability Benefits |
KCTCS (Matching Plan) 403(b)
Defined Contribution |
Faculty and Staff Positions throughout the KCTCS System** |
5%/10% |
YES |
Immediately |
Available after one year of service |
Kentucky Teacher's Retirement System (KTRS)
Defined Benefit
Current Employees |
Eligible to all Faculty positions requiring a 4-year degree or certificate |
6.16%/13.84%
(employee pays social security) |
YES |
Vested after 5 years of service |
After 5 total years of service under KTRS |
Kentucky Teacher's Retirement System (KTRS)
Defined Benefit
New Participants after 7/1/2008: |
Eligible to all Faculty positions requiring a 4-year degree or certificate |
7.16%/14.84%
(employee pays social security) |
YES |
Vested after 5 years of service |
After 5 total years of service under KTRS |
Kentucky Employees Retirement System (KERS)
Defined Benefit
Current
Employees |
Staff employees in excess of 100 hours per month** |
5%/8.50% (Non Hazardous)
Effective 7/1/2008:
5%/10.01% |
YES |
Vested after 5 years of service |
After 5 total years of service under KERS |
Kentucky Employees Retirement System (KERS)
Defined Benefit
New Participants after 9/1/2008: |
Staff employees in excess of 100 hours per month** |
6%/10.01% (Non Hazardous) |
YES |
Vested after 5 years of service |
After 5 total years of service under KERS |
Voluntary Supplemental Retirement Plans |
All employees receiving regular pay-checks** |
Voluntary, up to regulated limits |
NO |
Immediately |
NONE |
UK Plan 403(b) (one time option to KCTCS)
Defined Contribution
web site |
Transfers from Community College prior to 7/1/98** |
5%/10% |
YES |
Immediately |
Available after one year of service |
State Plan KTRS/KERS (one time option to KCTCS)
Current or former 18A/151B
Employees |
Transfers from Workforce Development Cabinet prior to 7/1/98** |
KTRS 9.855%/13.105% (no social security)
KERS (5%/10.01%)
(effective 7/1/2008) |
YES |
Vested after 5 years of service |
After 5 total years of service under KTRS/KERS |
** Confirm with College HR Directors for further eligibility requirements.**
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AND FOR INFORMATIONAL PURPOSES ONLY. THE INFORMATION AND PRODUCTS MADE
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i.) A RECOMMENDATION; ii.) LEGAL OR TAX ADVICE, or iii.) A LEGAL OPINION.
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