21-166 21-166 . . . Retirement Benefits Plan under which trustees and officers with 15 or more years of service receive annual retirement benefit based on percentage of average annual compensation for 36 months of service immediately preceding retirement. The amount of annual benefit ranges from 25% of such average annual compensation for 15 years of service to 75% for 25 or more years of service
Kansas Retirement Benefits Plan
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US-CC-21-166
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FAQ
When you are ?vested,? it means you have earned enough service to guar- antee a retirement benefit, even if you leave covered employment. KPERS members vest their benefit with five years of service.
You need to withdraw your account balance within five years of the date you end employment. Your contributions earn interest for five years (two years for KPERS 3 members). After five years, you forfeit your service. KPERS 1 mem- bers who reach age 65 within the five-year period may apply for retirement benefits.
The average KPERS member retires at age 62 with 20 years of service. At age 62 with a final salary of $40,000, he will receive full KPERS benefits and a reduced benefit for early retirement from Social Security.
To qualify for these Correctional age and service requirements, you must work in a Group A or Group B position for at least three years immediately before retirement and retire on the first day of the month after your last day on the payroll.
When Can You Retire? Age 65 with five years ? Age 60 with 30 years ? Reduced, early retirement beginning at age 55 with 10 years Throughout your career, you make contributions to KPERS. We invest the money and pay you interest. You also build retirement credits while you work.
KPERS and Social Security won't be enough for a sound retirement. You need to save on your own, too. The easiest way to save is through a tax-sheltered employer plan like a 457(b) deferred compensation plan or a 403(b). Many employers offer these kinds of savings plans.
KPERS 1 (Correctional A & B) To be eligible, you must work in a Group A or B position for at least three years immediately before retirement.
