Kentucky Sample Letter for Pension Plan Summary Plan Description
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How to fill out Sample Letter For Pension Plan Summary Plan Description?
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In order to process a refund of their accumulated account balance, members must complete a Form 4525, Application for Refund of Member Contributions and Direct Rollover/Direct Payment Selection?. The member's employer is also required to report the termination date on the monthly report to KPPA.
Final compensation is determined by dividing the total salary earned (5-High or 3-High) by the total months worked, then multiplying by twelve (12) to annualize. Nonhazardous retirement benefits are based upon 5-High Final Compensation.
The average pension benefit in Kentucky is $1,727, ing to the National Institute on Retirement Security. Pensions support local economies and help Kentucky communities thrive. Each $1 paid out in pension benefits supports $1.43 in total economic activity in Kentucky.
??The last retiree Cost of Living Adjustment (COLA), or an ongoing retirement payment increase of 1.5% to account for cost-of-living changes, took effect in July 2011.
Final compensation is determined by dividing the total salary earned (5-High or 3-High) by the total months worked, then multiplying by twelve (12) to annualize. Nonhazardous retirement benefits are based upon 5-High Final Compensation.
????????????Nonhazardous A nonhazardous member, age 57 or older, may retire with no reduction in benefits if the member's age and years of service equal 87 ?(Rule of 87). A nonhazardous member, age 65, with at least 60 months of service credit may retire at any time with no reduction in benefits.
A nonhazardous member, age 57 or older, may retire with no reduction in benefits if the member's age and years of service equal 87 ?(Rule of 87). A nonhazardous member, age 65, with at least 60 months of service credit may retire at any time with no reduction in benefits.
Rule of 87: Retirement eligibility requirement defined as age 57 or older if the member's age and years of service equal 87. Under Tier 3, there are no early or reduced retirement benefits. Only members receiving a monthly pension benefit may participate in the health insurance program.
