2008 Cost of Living Raise to Retirees

Retired members and beneficiaries who are receiving a benefit as of June 2008 will receive a 2.8% increase on their July retirement payment. The increase will be given automatically and is based on the percentage increase in the annual average of the Consumer Price Index for all urban consumers.

Clarification regarding CERS Non-Hazardous and CERS Hazardous rates published in the Winter 2008 Newsletter:

The insurance fund contribution rates and the employer contribution rates for CERS Non-Hazardous and CERS Hazardous published in the newsletter are the full funding rates presented by the actuary in the 2007 annual valuation. However, in the case of CERS Non-Hazardous and CERS Hazardous, in 2006, the actuary recommended a five-year phase-in of the rate which requires the payment of the insurance benefit normal cost with a five-year phase-in of the unfunded accrued liability (UAL) associated with the insurance funds. As a result, the CERS Non-Hazardous insurance fund contribution rate actually recommended by the actuary and adopted by the Board for 2008-2009 is 7.82% and the employer contribution rate is 15.58%. The CERS Hazardous insurance fund contribution rate actually recommended by the actuary and adopted by the Board for 2008-2009 is 16.95% and the employer contribution rate is 31.99%.

Fraud Alert!

Warning About Visitors Claiming to Represent Kentucky Retirement Systems.

Kentucky Retirement Systems (KRS) members have reported visits by someone “affiliated with KRS” at their homes and offering insurance plans. KRS does not have employees visit our member’s homes to offer insurance or any other retirement system benefit. KRS does host seminars and meetings across the Commonwealth to assist our members with their retirement needs. Those meetings will always be in public places and clearly be identified as Kentucky Retirement Systems events.

If someone visits your home offering services “affiliated with KRS”, you should report them to your local law enforcement authorities. You should never provide your personal information, especially your Social Security Number (SSN) without positively identifying a person and their associated organization. After contacting your local law enforcement authorities, please contact KRS so that we can document the incident in your member record.

Winter 2008 Member and Employer Newsletter

Inside this Issue: KRS welcomes new Executive Director, Mike Burnside , 2006-2007 System Highlights, Blue Ribbon Commission Report, General Assembly Updates. Click here for the Winter 2008 newsletter.

Final Regulations Recently Issued by the Internal Revenue Service

The Internal Revenue Service ("IRS") has recently issued final regulations regarding the establishment of a Normal Retirement Age for qualified pension plans, such as KERS, CERS, and SPRS. For more information, click here. To view Kentucky Administrative Regulations, click here.

Form 6751 - MEMBER AND EMPLOYER CERTIFICATION REGARDING REEMPLOYMENT

*If you have submitted an inquiry regarding returning to employment following retirement, we are processing those requests in the order in which they are received. Please be sure to include at least the last four digits of your social security number for identification purposes to avoid any delay in responding to your request.

If you have not received a response within 20 days, you may contact the legal department at 502-696-8800 Extension 5501. You may also wish to refer to the literature above for additional information, or contact the reporting official at your agency.

Road to Retirement

According to a recent survey, 46% of respondents had spent more time planning an annual summer vacation than planning for retirement. Have you? Click here to learn more about retirement planning.

2007-2008 Employer Contribution Rates

The KRS Board of Trustees recently adopted the employer contribution rates for fiscal year beginning July 1, 2007 based upon the results of the most recent actuarial valuation. Click here for more information.

Planning a Visit to the KRS offices in Frankfort?

Before making a visit to the retirement office in Frankfort, there are several things you should know. Appointments are required and members who visit the office without an appointment will experience significant delays.

Click here to learn more about visiting the KRS office.