Special Session on Pension Reform

House Bill 1 was signed by Governor Beshear on June 27, 2008. All provisions of this legislation are currently being analyzed by KRS staff. This bill also contains statutory changes to KRS 61.637, the law governing members who become reemployed following retirement. We will be posting information regarding the matter as it becomes available. You can review the legislation by clicking the link below.

The Governor has also established a 27-member task force to address more complicated issues. The task force began its work on June 3 and will be required to issue a final report to the 2009 General Assembly.

House Bill 1 2008 Special Session
Click here to read the Proposed Plan For KERS and CERS Members.
Click here to read the Governor’s press release.
Click here for related media coverage.

Comments/Questions

  Remployment After Retirement

REEMPLOYMENT AFTER RETIREMENT The following legislative changes will apply to those retirees returning to work on or after September 1, 2008, regardless of the member’s retirement date.

IF YOU HAVE ALREADY RECEIVED APPROVAL TO RETURN TO EMPLOYMENT, AND YOU ARE RETURNING TO EMPLOYMENT ON OR AFTER SEPTEMBER 1, 2008, YOU MUST CONTACT THE KENTUCKY RETIREMENT SYSTEMS AGAIN IN WRITING BECAUSE THE DETERMINATION PREVIOUSLY ISSUED MAY NO LONGER BE VALID.

*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.

Summer 2008 Member and Employer Newsletter

Inside this Issue: Moving Forward After the 2008 Legislative Session, START Project Update, Filing For Retirement, and Information Regarding the Health Care Dependent Audit. Click here for the Summer 2008 newsletter.

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.

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.

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.