ATTACHMENT 3
RETIREMENT SYSTEM COMPARISONS
KTRS
| Public Schools | Regional Universities | KERS | |
| Member Contribution
(% of salary) |
9.855% + no SS contributions (except for Medicare) | 6.16% + SS contributions (7.5 %) | 5% + SS contributions (7.5 %) |
| % x years of service, i.e. retirement benefit factor | 2% for years of service before 1983; 2.5% for 1984 and beyond | 2% for all years of service | Beginning Jan. 1st, 1999 through 2009, 2.2%; then 2% thereafter |
| Employer Contribution % of salary | 9.855% + only SS medicare + 3.25% to fund future liability | 8.237% + SS contributions + 3.25% to fund future liability | Variable rate determined by the system's board + SS contributions |
| Death Benefit | $2800.00 | $2800.00 | $2500.00 |
| Medical | Similar to KERS (right) | Similar to KERS (right); but, retirees must immediately convert to plans only continuing for public school teachers in CO. of residence | Continuing offering ongoing employee (CO. Of Res. Benefit); 100% premium
for
employees with 20+ years of service (actually $203 per month will cover a plan |
| # of years of high salary eligibility | 3 years, but on a current trial basis | 3 years, but on a current trial basis | 5 years |
| Cost of living increase (COLA) | 1.5 % | 1.5% | Increase in the annual urban consumer price index (latest legislative determination = 2.3%) |
Special note: Pursuant to KRS law, new university faculty may opt. out of KTRS to choose among 2-3 Regent authorized private plans, e.g.; TIAA-CREF.