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
Kentucky Retirement Benefits Plan
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A nonhazardous member, age 65 or older, with at least 48 months of service credit is eligible to receive an unreduced monthly benefit for life based on the member's salary and service credit. A nonhazardous member with 27 or more years of service credit can retire at any time with no reduction in benefits.
Low cost of living: Kentucky's cost of living is generally lower than the national average, which could be a significant advantage for retirees on a fixed income. Housing, healthcare, and transportation costs are lower than in many other states.
Members with at least 27 years of Kentucky service are eligible to retire with unreduced benefits.
Kentucky Pension Facts: The average pension benefit in Kentucky is $1,727, ing to the National Institute on Retirement Security.
There are some exceptions to the five-year requirement . If you are employed on a permanent part-time basis and worked at least five calendar years, or you're a member with another California public retirement system, contact CalPERS to find out if an exception may apply to you .
Nonhazardous retirement benefits are based on the last (not highest) five full fiscal years of salary. If the member does not have five full fiscal years, partial years will be added to reach the 60-month minimum. Hazardous retirement benefits are based on a member's highest three full fiscal years of salary (3-High).
The system provides both a defined benefit (DB) pension and a health insurance program for its 144,894 active state employees and 84,680 retirees and beneficiaries.
