Retirement

Kentucky Retirement Systems (KRS)

KRS is the retirement system that LFUCG uses.  

Contributions

Non-bargaining employees:       

  • Eligible hires begin paying 6 percent of their gross income to KRS in their sixth month of employment (hire month is considered to be month one)
  • Unclassified employees or LFUCG rehires that did not take a withdrawal start immediately.
  • If an employee began participating in KRS prior to Sept. 1, 2008 and has never taken a withdrawal, that employee pays 5 percent of their gross income to KRS
     

Corrections (hazardous) employees:

  • Eligible hires begin paying 9 percent of their gross income to KRS in their sixth month of employment (hire month is considered to be month one)
  • LFUCG rehires or previous KRS participants begin paying 9 percent of their gross income to KRS immediately.
  • If an employee began participating in KRS prior to Sept. 1, 2008 and has never taken a withdrawal, that employee pays 8 percent of their gross income to KRS


The KRS self-service site offers employees information about their starting contribution dates, contribution amounts and more.  

Eligibility 

All full-time classified and unclassified civil service LFUCG employees are required to pay into the KRS.

Employees who are classified as non-participating are ineligible to make KRS contributions. Examples of non-participating include part-time, seasonal or temporary employees.

    Optional retirement planning

    In addition to KRS retirement, LFUCG employees have the opportunity to invest in additional retirement planning through Kentucky Deferred Comp or ICMA-RC. Both groups provide tax-deferred savings and investment opportunities. 

    Employees can add new accounts or make changes to existing accounts at any time during the year.  

    Kentucky Deferred Compensation
    kentuckyplans.com
    Phone: (800) 542-2667 or (502) 573-7925, Monday – Friday, 8 a.m. – 4:30 p.m.

    Below are the forms to enroll or make changes to different types of Kentucky Deferred Compensation plans:


    ICMA-RC
    icmarc.org
    Phone: (800) 669-7400, Monday – Friday, 8 a.m. – 9 p.m.

    Below are the forms to enroll or make changes to different types of ICMA-RC plans:

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