KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Reemp emplo - PowerPoint PPT Presentation

KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Reemp emplo loymen ment a after R Retiremen ement W Webin inar will b ll begin gin m momen mentarily ily…

KENT ENTUCKY R RETIRE IREMEN ENT S SYSTEMS EMS Reemp emplo loymen ment a after R Retiremen ement W Webin inar

Plea ease keep eep in n mind nd tha hat Kentucky cky Revi vised Stat atute 61.661 661 requires es KRS t to a administ ster er accounts s in a confid identia ial l manne nner. Dur uring ng o our ur web ebina nar today, p plea ease d do no not sub submit quest uestions sp spec ecific to your ur account nt and nd do no not post st sens sensitive info nformation, n, suc such a h as y s your ur K KRS M S Mem ember I ID, So Social Sec Secur urity y Num umber er, or P PIN, in n the c he cha hat. If f you u ha have sp spec ecific quest uestions about your ur ind ndividual acco account, pleas ase con contact K KRS at 1-800 800-928 928-4646. 4646.

Agenda f for r Today’ y’s W s Webinar • Zoom Tutorial • Prior to Retirement • Twelve (12) Month Rule- Forms Required • Things to Consider • Reestablishing Retirement after Voiding • Reemployment FAQs

Zoom T m Tutor oria ial • The Q&A function is used to ask general retirement questions for a KRS representative to respond. We will answer each question in the order they are received before the conclusion of the webinar today • The CHAT AT and RA RAISE HA HAND ND function will not be used during this webinar

Prio ior t to R Retir ireme ement Kentucky law prohibits a member from having a prearranged agreement, prior to his or her effective retirement date, to return to employment in any position with any agency participating in any of the systems administered by Kentucky Retirement Systems (KRS).

Twelv lve ( e (12) M ) Mon onth R Rule le WITHIN T WI TWE WELVE ( (12) 12) MON ONTHS OF OF RETI TIREMENT: If a retired member seeks employment or begins serving as a a volunteer with a participating agency within twelve (12) months of his or her effective retirement date, both the member and the participating agency must notify KRS by submitting the necessary forms. AFTE TER TWE WELVE ( (12) 12) M MON ONTH TH OF OF RETI TIREMENT: Neither a retired member nor the participating agency are required to notify, seek final determination, or submit forms to KRS related to any employment, independent contractor, leased employee, or volunteering accepted twelve (12) months after the member’s effective retirement date.

Reemplo mployment wit with a Participating Ag Agency TWELVE (12) MONTH RULE Req equired Mem Member Fo Form rm: Form 6754, “Member Reemployment Certification” Requi uired Emp Employer F For orm: Form 6751, “Employer Certification Regarding Reemployment” Failu ilure to submit it t the requir ired forms w will ill result lt in in the member ber’s retirem emen ent benefi efits b being v voided ed a and the member w will ill be Requir ired t to repay a all ll retir irement allo llowance ces, d , dependent ch child ild payments, a , and healt lth pl plan pr prem emiums p paid by by K KRS RS.

Inde depende dent Con Contra tractor/Le Leased E d Employ oyee TWELVE (12) MONTH RULE Req equired Mem Member Fo Form rm: Form 6754, “Member Reemployment Certification” Requi uired Emp Employer F For orm: Form 6752, “Employer Certification of Independent Contractor/Leased Employee” Failu ilure to submit it t the requir ired forms w will ill result lt in in the member ber’s retirem emen ent benefi efits b being v voided ed a and the mem ember wi will be be req equired t to rep epay a all ret etirement allo llowance ces, d , dependent ch child ild payments, a , and healt lth pl plan pr prem emiums p paid by by K KRS RS.

Volun unteer eering ng TWELVE (12) MONTH RULE Req equired Mem Member Fo Form rm: Form 6754, “Member Reemployment Certification” Requi uired Emp Employer F For orm: Form 6753, “Employer Certification of a Volunteer” Failu ilure to submit it t the requir ired forms w will ill result lt in in the member ber’s retirem emen ent benefi efits b being v voided ed a and the member w will ill be Requir ired t to repay a all ll retir irement allo llowance ces, d , dependent ch child ild payments, a , and healt lth pl plan pr prem emiums p paid by by K KRS RS.

Reemp emplo loymen ment a after R Retiremen ement Thi hings gs t to Co Consi nsider • Break in k in service ice is is required: • Regular, Full Time Hazardous duty to Regular, Full Time Hazardous duty is permitted a ON ONE calendar month break in service from the effective retirement date • All other reemployment requires a THREE EE calendar month break in service from the effective retirement date • No No repo eporting ex exem emption based o on age • No o second ond r retirement a account ount

Reemp emplo loymen ment a after R Retiremen ement If f you ou do o NOT ob observe a a pro roper break ak or if yo you u hav ave a a prea earranged ed agreem eemen ent, , your retir tirem emen ent w t will ll be VOID IDED ED! …an and You ou w will l be r requir ired ed t to r repay all l the benefit efits you have ve receiv eived ed

Reemp emplo loymen ment a after R Retiremen ement Thi hings gs t to Co Consi nsider • Health Ins Insur urance: Tier 1 members have the option to choose insurance through KRS or the participating agency. However, the agency is required to reimburse KRS for the single coverage contribution rate Tier 2 members which reemploy with a participating agency will NOT be eligible for health insurance coverage from KRS during the period of Reemployment • Medica icare S Seco condary Payer (M (MSP) A ) Act ct • Medicare eligible retirees reemployment with a participating agency of KRS may PROHIBIT KRS from offering the KRS Medicare Supplemental Insurance during the period of reemployment.

Reemp emplo loymen ment a after R Retiremen ement Rees eestabli lishing R Ret etir iremen ent a after er V Voiding Kentu tucky Revis ised ed Statu tute e 61.637 and Kentu tucky Admin inis istr trativ tive e Reg egulatio ion Tit itle e 105 Chapter er 1:390 states es if a ret etir irement is void ided for or v viola olati tion on o of retir tired ed r reem employ loyed ed l laws, t the member er d does not permanen ently tly l lose e those b e benefits efits.

Reemp emplo loymen ment a after R Retiremen ement FAQ AQs Q: I I would uld lik like to volunt lunteer at my child ildren’ n’s scho hool l on occasio ion. n. Now tha hat I I am a retiree, am I I no lon onger permitted to o do o so? so? A: You may still volunteer by completing the appropriate paperwork and with the understanding that you are offering to help with no compensation or expectation that by volunteering it will lead to employment with that agency. Q: I I own n a busine iness and in intend nd to buil ild that after retirement nt. I I have cont ntracts wit ith h state/count unty/city agenc ncie ies. Could ld that im impact my retir irement nt benefits? A: It could. Its important in scenarios like this to send as much information to our legal department for their review and final determination.

Reemp emplo loymen ment a after R Retiremen ement FAQ AQs Q: I am r ret etiring fr from a regu egular, fu full-time haza zardous us position. n. If If I I la later go to work in in a part-time haza zardous us position, n, is is my required break in in servic ice only ly 30 days? A: No. A hazardous, regular, full-time position going to a hazardous, regular, full-time position is only required to have a ONE ONE calendar month break in service. All others scenarios require a TH THREE EE calendar month break in service. Since the member is returning as a part-time employee, he/she would be required to wait the three month period. Q: I I pla lan n to work for Wal-Mart as a door greeter when n I I retire. Am I I requir uired to notify KRS or observe e a brea eak in ser ervice? A: It is not necessary to notify KRS of your new employment unless you are within the twelve month window from your effective retirement date and the hiring agency is a participating agency of the retirement system OR they are a private entity which contracts with a participating agency of the retirement system.

Reemp emplo loymen ment a after R Retiremen ement FAQ AQs Q: Can I I apply ly and/or in interview for positio ions ns while ile observing ng my break in in service? A: There is no issue with you applying and/or interviewing for jobs after your effective retirement date, assuming there were no prearranged agreements between you and the interviewing agency. If the agency were to employ you, you would still be required to observe the proper break in service.

Reemp emplo loymen ment a after R Retiremen ement Go t to: ky : kyret.k .ky.g .gov