1. You need to contact the Kentucky Retirement Systems (KRS) to determine your options for retirement. Please refer to https://kyret.ky.gov/index.php/contact for contact information for KRS. Once you make a decision regarding your retirement, please contact your Human Resource Administrator. Refer to the Agency HR Staff/Consultant Listing which is available on the Personnel Cabinet’s website at http://personnel.ky.gov/persadmin/hradministrators/hradmin.htm.
2. The Kentucky Public Employees Deferred Compensation Authority: To defer your payment(s) for accumulated leave (compensatory and annual) time to Kentucky Deferred Compensation (KDC) be sure to contact them 60 days in advance of your planned retirement date.
· You must complete and sign a Participation Agreement far enough in advance for Kentucky Deferred Compensation to notify your payroll department prior to the issuance of the check(s) for your accumulated leave. Merely notifying KDC of your intention will not allow you to defer any payment for accumulated leave.
· To transfer dollars from your KDC account to KRS, KTRS, Legislative or Judicial Form Retirement in order to purchase service credit, you will need to submit the Direct Transfer/Rollover form to KDC.
· Note: Any purchase of service credit begins with your retirement system. You will need to make an appointment with them and obtain the necessary forms and cost calculation information before Kentucky Deferred Compensation can assist you.
For further information on deferring accumulated leave or using your Kentucky Deferred Compensation account to purchase service credit, please call their Customer Service Center; toll free, at 800-542-2667, or in Frankfort at 573-7925.
3. Often there’s much that goes into planning for retirement from a fiscal standpoint. Very few employees spend time planning for the psychological/emotional issues which occurs with retirement. Planning for a healthy transition is critical with all major life changes; even good change can be stressful. The Kentucky Employee Assistance Program (KEAP) offers an educational tool that highlights important issues to consider so you can make the healthiest transition into retirement. Prospective retirees may contact KEAP at 1-800-445-5327 or 502-564-5788 for more information or to speak with a counselor one-on-one.
4. The Kentucky Employees’ Health Plan (KEHP):
As you retire (under 65 and not eligible for Medicare) keep in mind the following information pertaining to your health insurance benefits:
· Your health insurance benefits should transition without a break in coverage. To ensure a smooth transition however, you must work with your retirement system to complete a Health Insurance Application. The retirement system will notify the KEHP of your retirement coverage.
· If you have an HRA as part of enrollment in the Maximum Choice enrollment and you have the cross-reference payment option, your spouse will retain any HRA funds if they are an active employee with an agency that participates in the KEHP’s HRA plan.
· If you are enrolled in the Commonwealth Maximum Choice plan, you will be required to make a new plan election as this plan is not available to retirees.
For more information, please contact your retirement system.
1. If you retire and determine you still have a desire to continue working, state employment may be an option for you. You will need to contact the Kentucky Retirement Systems to determine whether your employment with state government will affect your retirement benefits. If you decide to apply to a position with state government, you will need to apply to vacant positions posted on the Personnel Cabinet’s website through the Career Opportunities System (COS). You can apply for positions of interest anytime 24 hours a day, seven days a week during the ten (10) day posting through COS.
2. Remember, if you are a returning retiree, you are no longer an Internal Mobility Candidate nor do you have Reinstatement privileges.
For more information pertaining to COS access the Personnel Cabinet’s website at http://www.personnel.ky.gov/employment/