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KP&F Calculator Definitions |
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Joint AnnuitantSomeone you choose to receive a continuing monthly benefit after your death. This is an optional benefit.
Date You Plan to RetireYour retirement date must be the first day of a month. Benefit payments begin at the end of the month after your retirement date.
Tier I MemberYou are a Tier I member if you were employed before July 1, 1989, and did not choose Tier II coverage.
Tier II MemberAll new KP&F members are Tier II members. You are a Tier II member if you were employed on or after July 1, 1989, or before July 1, 1989, and chose Tier II coverage. Years of ServiceYears @ 2.5% multiplier
After 32 years of credited service, you will receive the maximum retirement benefit (80 percent of final average salary). Please note: Military service does not count toward your eligibility to retire, but does increase your benefit. KPERS service can count toward retirement eligibility, but you will have a separate benefit calculated with the KPERS retirement formula. Estimate your benefit for any KPERS service using the KPERS benefit calculator.
Final Average SalaryIf your membership date was on or after July 1, 1993, your final average salary is an average of the three highest of your last five years of service, excluding additional compensation, such as sick and annual leave. If your membership date was before July 1, 1993, your final average salary is an average of the three highest of your last five years of service, including additional compensation, such as sick and annual leave. Note: For your current final average salary, see your last annual statement or contact the Retirement System. | ||