Retirement date is the first day of the month. Termination of employment should be prior to this date.
Click the check box only if the beneficiary will be your estate. At the time of retirement, the member may name ONLY ONE PERSON, the member's estate or a trust as beneficiary of the monthly retirement benefit. If an estate or trust is named as beneficiary, there will be no lifetime survivorship options shown.
Your participation date is the first date you began earning service credit in a state-administered retirement system. Employees who begin participating in the retirement systems on or after August 1, 2004 will not be eligible to use service purchases for determining eligibility for death benefits, disability benefits, normal retirement, or early retirement. This will apply to all service purchases made by the employee or employer with the exception of payments for omitted service, recontributions of refunded service, and conversions of non-hazardous to hazardous service.
Click on the arrow and scroll through the list of agencies. Click on the most recent agency you were employed by. The list is in alphabetical order with some names abbreviated.
If you are a member of the Kentucky Employees Retirement System and you participated in one of the state-administered retirement systems continuously from January 1, 1998, through January 31, 1999, and worked an average of at least 100 hours per month for each of those months, (or 80 hours per month for a school board), then check here. This dictates which benefit factor is used in your benefit estimate. KRS 61.595)
Enter the months of service you expect to have at your retirement date in each of the retirement systems listed. Be sure to include purchased service and list hazardous and nonhazardous service separately.
Depending on your agency's sick leave policies, your accumulated sick leave hours may be used to enhance your monthly benefit at retirement. If you know your sick leave hours will be used at retirement, enter your sick leave hours under the appropriate systems.
KERS and SPRS employees note: Sick leave hours will be prorated based on your months of service credit in each system.
If you are unsure if your sick hours will be used for retirement or if your agency participates in the alternate sick leave plan, do not enter your sick leave hours. If you are currently contributing to KTRS, do not enter sick leave hours.
2004 legislative changes provide that most service purchases made on or after August 1, 2004 will not be used to determine insurance benefits at retirement. This provision applies to all service purchases made by the employee or employer with the exception of omitted service, recontributions of refunded service, and conversions of non-hazardous to hazardous service.
Enter the gross salary for the last month you plan to work. Estimate future increments to your current salary until the last month you plan to work.
Enter hoursof accumulated compensatory time earned in KERS or SPRS. Note: Compensatory time is only used in your benefit estimate if you enter the individual fiscal year salary information. If you click on the check box and enter your final compensation, you do not need to enter accumulated compensatory time.
Enter the hours you are normally scheduled to work each weekday.
This entry is optional. Enter the amount you expect to receive from Social Security if you retired at age 62. This number is on the statement you receive from the Social Security Administration. To request a current estimate from Social Security, visit http://www.ssa.gov/mystatement/.
You have two options for entering the information in this section:
1. Click on the check box and enter your final compensation based on your "5 High Years."
The benefits of all vested members are based on years of service and final compensation.
For nonhazardous members, final compensation is the average of the five fiscal years during which the member had the highest average monthly salary. A nonhazardous member must have a minimum of 48 months in his final compensation. If the five fiscal years with highest earnings contain fewer than 48 months, additional fiscal years must be added to the calculation. Certain nonhazardous members are eligible to have their retirement benefit based on the three fiscal years with the highest average monthly salary. To be eligible, the member must have at least 27 years of service and retire between August 1, 2001 and January 1, 2009, inclusive. In addition, years of service plus age must equal or exceed 75. If eligible for final compensation based on the three highest years, the member needs to type in three fiscal years of salary, so long as they contain at least 24 months of service.
If you do type in more years of salary than needed, the program will automatically select the appropriate number of fiscal years to use.
For hazardous members, final compensation is the average of the three fiscal years during which the member had the highest average monthly salary. A hazardous member must have a minimum of 24 months in his final compensation. If the three fiscal years with highest earnings contain fewer than 24 months, additional fiscal years must be added to the calculation.
The fiscal years used in final compensation do not have to be complete years, so a member may retire any month during a fiscal year so long as his final compensation contains the minimum number of months.
The fiscal years do not have to be consecutive, although for most members, the last years are generally the years of highest earnings.
Final compensation is determined by dividing the total salary earned during the period by the total months worked during the period and then multiplying by 12.
or
2. Enter your fiscal year salary and number of months of service in the boxes below. You can enter your current salary and service information, or enter what you expect your salary and service information to be when you plan to retire. If you have nonhazardous service, you must enter salary information for at least 5 fiscal years, including at least 48 months of service to obtain a benefit estimate. If you have hazardous service, you must enter salary information for at least 3 fiscal years, including at least 24 months of service to obtain a benefit estimate.
For an explanation of the payment options, see Retirement Options in the Summary Plan Description.