Kentucky Teacher's Retirement System (KTRS)

Faculty and Administrative Staff

Summary

• Employees contribute 6.16%, the University pays 13.84%.
• You are vested after five years of service.
• Vesting entitles you to membership in the retirement system's group medical insurance plan.
• The normal retirement age is 60.
• You can retire with full benefits regardless of age after 27 years of service.
• The retirement plan is not portable.
• Any premature withdrawal of your contribution to the retirement fund will be subject ot substantial penalties unless transferred to a recognized retirement fund.
• The retirement systems offers a number of payout options upon retirement.
• Retirement income is determined by member's contributions and years of service.  Effective July 1, 1998, for members with 27 years of service and are age 55 or older, the formula to calculate retirement income is years of service X 2% X the average salary of the highest three salary years.  For all other members eligible to retire, the formula for calculating benefit is:  years of service X 2% X the average salary of the highest five years.  For additional information on benefits to include how to increase service credit, medical insurance and death benefit see www.ktrs.state.ky.us

Details

 Qualifying for Service Retirement

 Retirement Options

 Ways to Increase Service Credit

 Medical Insurance and Prescription Drug Program

 Comments or questions about this section of Western Online should be directed to Beth Littrell
Last Modified: September 22, 1998
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Western Kentucky University.