Contribution RatesAt the Board of Trustees meeting on December 5th, KRS' actuary presented the annual actuarial valuation for the fiscal year ended June 30, 2019. As a result, the Board adopted CERS employer contribution rates for fiscal year 2021. The Board also approved KERS and SPRS employer contribution rates to recommend to the General Assembly for fiscal year 2021.
Please keep in mind that the General Assembly establishes the final KERS and SPRS rates in the biennial executive branch budget bill. Fiscal year 2021 employer contribution rates are subject to change depending on future actions of the General Assembly. Read More
During the 2019 Special Session of the General Assembly, House Bill 1 was passed. Because the bill had an Emergency clause it took effect immediately upon the Governor's signature on July 24, 2019. House Bill 1 has two key provisions:
- Set the employer contribution rate at 49.47%, retroactive to July 1, 2019 for fiscal year 2020, for KERS quasi-governmental agencies.
- Established a one-time voluntary cessation window for KERS quasi-governmental agencies.
KRS has published a general information guide which answers
some of the most Frequently Asked Questions from both our Quasi-Governmental
Employers and their employees. Please note that an employer requesting an
estimate shall pay all costs (actuarial and administrative) of the estimate.
Please refer to the guide for details.
House Bill 1 Quasi-Governmental Agency Cessation FAQ's
Form 7726 - Request for Estimated Cost of
Voluntary Cessation from KERS under KRS 61.522(8)
We will provide more information on the cessation
process when available.
2018 GASB Reports are available. Read More