Your Defined Benefit Group
Your Defined Benefit Group Retirement Plan is a retirement benefit, sponsored by KTRS, which pays a defined amount upon retirement based on length of service and final average salary of the employee, along with a retirement multiplier. KTRS retirement eligibility is determined by the employee's age and years of service. The service retirement benefit is a lifetime benefit and is guaranteed by KTRS.
Defined Benefit Plan -
National Institute on Retirement
To qualify for a defined benefit group retirement pension, an employee must become vested. Vesting is the
length of service required to qualify for a
The vesting period varies among employers. Most defined benefit group retirement pension plans provide an automatic or periodic cost-of-living increase to protect the benefit from inflation. Most also provide a survivor’s benefit, as well as a disability benefit. Approximately 90% of all public employees in the United States participate in a defined benefit pension plan, making these plans the dominant retirement benefit among public employees.
You may contact the Social Security office or visit their website at www.ssa.gov for details.