Kentucky Employees Retirement System
POLICY NUMBER: V C
SUBJECT: KENTUCKY EMPLOYEES RETIREMENT SYSTEM
APPLIES TO: STAFF
EFFECTIVE DATE: July 1, 2010
REVISED FROM: July 1, 1993
KENTUCKY EMPLOYEES RETIREMENT SYSTEM
a. The Kentucky Employees Retirement System provides for retirement allowances and other benefits for an employee of Murray State University who is not employed in a position covered by the Kentucky Teachers' Retirement System. The retirement system in which an employee participates is determined by Human Resources based upon the eligibility for the Teachers' Retirement System.
b. Each regular, full-time employee and each regular part-time employee who works an average of l00 hours or more per month during a fiscal or calendar year in a KERS position is mandatorily included in the system. Part-time employees who work less than an average of l00 hours per month during a fiscal or calendar year, and seasonal & temporary employees are excluded from membership in the system.
c. Temporary employees in a KERS position who average more than 100 hours per month during a fiscal or calendar year and have a one calendar month break in service once the limit of nine months is met will be excluded from membership in the system. A termination and re-hire date must exist for the break in service. (Refer to Policy II B.)
d. The Kentucky Retirement System is an agency of the Commonwealth of Kentucky. KRS policies are mandated by law and subject to change.
2. Information Resources
a. Information may be obtained by contacting Human Resources.
b. When requesting information from the Retirement System, please be sure to include your Social Security number and current address.
c. The Retirement System provides more detailed information through plan description booklets and information pamphlets. Changes in the system and benefits are communicated to its members by mail to the employees' home address.
3. Social Security
Effective January l, l987, members no longer pay Social Security tax on their retirement contributions.
4. Type of System
The system is of the "actuarial reserve, joint contributory" type.
a. The Kentucky Employees Retirement System (KERS) is administered by the Board of Trustees of the Kentucky Retirement Systems which is composed of nine members: the Commissioner of Personnel, two trustees elected by the members of the Kentucky Employees Retirement System who must be members or retired from that system, two trustees elected by the members of the County Employees Retirement System who must be members or retired from that system, one trustee elected by the members of the State Police Retirement System who must be a member or retired from that system, and three trustees appointed by the Governor of the Commonwealth.
b. The Kentucky Employees Retirement System is one of three retirement systems administered by the Board of Trustees. The County Employees Retirement System and the State Police Retirement System are also administered by this board. KERS was established by the l956 General Assembly to provide retirement benefits for officers and employees of various departments and agencies of state government.
This provision is available to individuals who may have earned service credit in more than one state retirement system. It provides this individual the opportunity to consolidate multiple accounts for the purpose of determining benefit eligibility and benefit amounts.
7. Beneficiary Designation
a. One of your most important responsibilities is to maintain your beneficiary designation in a current status. Failure to do so can cause serious consequences and possible loss of valuable benefits.
b. Each member may name more than one beneficiary and may designate them as co-beneficiaries or in order of succession or the estate may be named. The beneficiary designation is made on the Membership Information Form which each person is required to complete on becoming a member.
c. An ex-spouse's status as named beneficiary is terminated by a final divorce decree, unless the member renames the ex-spouse as beneficiary after the divorce.
d. A change in Beneficiary Designation form is available from Human Resources or the Retirement System Office, and members are encouraged to change their beneficiary designation as occasion requires.