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The Kentucky Public Pensions Authority (KPPA), formerly known as The Kentucky Retirement Systems (KRS), [1] is the administrator of defined-benefit pension and insurance plans for most of Kentucky's state and county employees and retirees.
In many states, public employee pension plans are known as Public Employee Retirement Systems (PERS). Pension benefits may or may not be changed after an employee is hired, depending on the state and plan, as well as hiring date, years of service, and grandfathering. Retirement age in the public sector is usually lower than in the private sector.
The 457 plan is a type of nonqualified, [1] [2] tax advantaged deferred-compensation retirement plan that is available for governmental and certain nongovernmental employers in the United States. The employer provides the plan and the employee defers compensation into it on a pre tax or after-tax (Roth) basis.
Here is the Kentucky Revised Statute that created the PPOB: 7A.200 Public Pension Oversight Board. The Public Pension Oversight Board of the Kentucky General Assembly is hereby established.
Employers may also pick and choose which employees they provide deferred compensation benefits to rather than being required to offer the same plan to all employees. [2] This flexibility in the law allows for public entities the choice of whether to provide benefits to different employee bargaining units. They offer flexibility.
Hundreds of people wait in line for assistance with their unemployment benefits outside the Kentucky state Capitol in Frankfort, Ky., on Wednesday, June 17, 2020.
It is a tax deferred savings vehicle that allows for the tax-free accumulation of a fund for later use as retirement income. Funding can be provided in other ways, such as from labor unions, government agencies, or self-funded schemes. Pension plans are therefore a form of "deferred compensation". A SSAS is a type of employment-based Pension in ...
Some Kentucky-based companies made the Forbes list of America’s best large employers. The study, in partner with Statista, surveyed employees of U.S. companies with more than 5,000 workers ...