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            "type": "title",
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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2017",
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            "type": "heading",
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            },
            "text": "NOTE 9 - PENSION PLANS",
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        {
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            "order": 3,
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            },
            "text": "Kentucky Employees' Retirement System - Defined Benefit Plan",
            "attrs": {
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            "level": 3
        },
        {
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            "text": "Plan Description – The University contributes to the Kentucky Employees' Retirement System (KERS), a cost sharing - multiple employer public employee retirement system. KERS is a defined benefit plan providing for retirement, disability, death benefits and health insurance. Participants have a fully vested interest after the completion of 60 months of service, 12 of which are current service. KERS issues a publicly available financial report that includes financial statements, required supplementary information, and detailed information about the pension plan's fiduciary net position. That report may be obtained by writing to Kentucky Retirement Systems, Perimeter Park West, 1260 Louisville Road, Frankfort, Kentucky, 40601-6124 or by calling (502) 696-8800."
        },
        {
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            },
            "text": "Benefits Provided",
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            "level": 3
        },
        {
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            "type": "heading",
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            },
            "text": "Non-Hazardous",
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            "level": 3
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                        {
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                            "coverage": 0.14,
                            "text": "Final Compensation × Benefit Factor × Years of Service"
                        },
                        {
                            "row": 3,
                            "col": 2,
                            "coverage": 0.04,
                            "text": "5 complete fiscal years immediately preceding retirement; e…"
                        },
                        {
                            "row": 4,
                            "col": 2,
                            "coverage": 0.5,
                            "text": "10 years or less = 1.10%. Greater than 10 years, but no mor…"
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                    ]
                }
            },
            "children": [
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                {
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                    "bbox": {
                        "l": 346.3203,
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                    },
                    "text": "Tier 2 Participation",
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                        "rowspan": 1,
                        "colspan": 3,
                        "bbox_refit": true
                    }
                },
                {
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                    "bbox": {
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                    },
                    "text": "Tier 1 Participation Prior to September 1, 2008",
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                },
                {
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                    "order": 12,
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                    "bbox": {
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                    "text": "September 1, 2008 through December 31, 2013",
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                        "rowspan": 1,
                        "colspan": 1,
                        "bbox_refit": true
                    }
                },
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                    "bbox": {
                        "l": 455.7606,
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                        "b": 459.381
                    },
                    "text": "Tier 3 Participation January 1, 2014",
                    "attrs": {
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                        "col": 3,
                        "rowspan": 1,
                        "colspan": 1,
                        "bbox_refit": true
                    }
                },
                {
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                    "order": 14,
                    "type": "table_cell",
                    "bbox": {
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                    "text": "Benefit Formula",
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                        "col": 0,
                        "rowspan": 1,
                        "colspan": 1,
                        "bbox_refit": true
                    }
                },
                {
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                    "type": "table_cell",
                    "bbox": {
                        "l": 188.82,
                        "t": 396.3086,
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                    "text": "Final Compensation × Benefit Factor × Years of Service",
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                        "colspan": 2
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                },
                {
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                    "text": "Cash Balance Plan",
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                        "bbox_refit": true
                    }
                },
                {
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                    "bbox": {
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                    "text": "Final Compensation",
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                    }
                },
                {
                    "id": "p32.7.11",
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                    "bbox": {
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                    },
                    "text": "Average of the highest 5 fiscal years (must contain at least 48 months).\\nIncludes lump-sum compensation payments (before and at retirement).",
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                        "colspan": 1,
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                },
                {
                    "id": "p32.7.12",
                    "order": 19,
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                    "bbox": {
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                        "r": 419.58,
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                    },
                    "text": "5 complete fiscal years immediately preceding retirement; each year must contain 12 months. Lump-sum compensation payments (before and at retirement) are not to be included in creditable compensation.",
                    "attrs": {
                        "row": 3,
                        "col": 2,
                        "rowspan": 1,
                        "colspan": 1
                    }
                },
                {
                    "id": "p32.7.13",
                    "order": 20,
                    "type": "table_cell",
                    "bbox": {
                        "l": 441.9,
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                        "r": 499.8861,
                        "b": 407.661
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                    "text": "No Final Compensation",
                    "attrs": {
                        "row": 3,
                        "col": 3,
                        "rowspan": 1,
                        "colspan": 1,
                        "bbox_refit": true
                    }
                },
                {
                    "id": "p32.7.14",
                    "order": 21,
                    "type": "table_cell",
                    "bbox": {
                        "l": 77.4,
                        "t": 334.905,
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                    },
                    "text": "Benefit Factor",
                    "attrs": {
                        "row": 4,
                        "col": 0,
                        "rowspan": 1,
                        "colspan": 1,
                        "bbox_refit": true
                    }
                },
                {
                    "id": "p32.7.15",
                    "order": 22,
                    "type": "table_cell",
                    "bbox": {
                        "l": 194.2659,
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                        "r": 295.7103,
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                    },
                    "text": "1.97% or 2.0% for those retiring with service for all months between 1/1998 and 1/1999.",
                    "attrs": {
                        "row": 4,
                        "col": 1,
                        "rowspan": 1,
                        "colspan": 1,
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                },
                {
                    "id": "p32.7.16",
                    "order": 23,
                    "type": "table_cell",
                    "bbox": {
                        "l": 304.2,
                        "t": 281.6571,
                        "r": 419.58,
                        "b": 224.3314
                    },
                    "text": "10 years or less = 1.10%. Greater than 10 years, but no more than 20 years = 1.30%. Greater than 20 years, but no more than 26 years = 1.50%. Greater than 26 years, but no more than 30 years = 1.75%. Additional years above 30 – 2.00% (2.00% benefit factor only applies to service earned in excess of 30 years).",
                    "attrs": {
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                        "colspan": 1
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                },
                {
                    "id": "p32.7.17",
                    "order": 24,
                    "type": "table_cell",
                    "bbox": {
                        "l": 441.9,
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                        "r": 532.9008,
                        "b": 231.68129999999996
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                    "text": "No benefit factor. A life annuity can be calculated in accordance with actuarial assumptions and methods adopted by the board based on member's accumulated account balance.",
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                        "col": 3,
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                        "l": 77.4,
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                    "text": "Cost of Living Adjustment (COLA)",
                    "attrs": {
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                        "col": 0,
                        "rowspan": 1,
                        "colspan": 1,
                        "bbox_refit": true
                    }
                },
                {
                    "id": "p32.7.19",
                    "order": 26,
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                    "bbox": {
                        "l": 194.2803,
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                        "r": 528.3,
                        "b": 190.2813
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                    "text": "No COLA unless authorized by the Legislature. If authorized, the COLA is limited to 1.5%. This impacts all retirees regardless of Tier.",
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                        "rowspan": 1,
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                {
                    "id": "p32.7.20",
                    "order": 27,
                    "type": "table_cell",
                    "bbox": {
                        "l": 77.4,
                        "t": 179.62530000000004,
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                        "b": 159.26099999999997
                    },
                    "text": "Unreduced Retirement Benefit",
                    "attrs": {
                        "row": 6,
                        "col": 0,
                        "rowspan": 1,
                        "colspan": 1,
                        "bbox_refit": true
                    }
                },
                {
                    "id": "p32.7.21",
                    "order": 28,
                    "type": "table_cell",
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                        "l": 194.2803,
                        "t": 179.62530000000004,
                        "r": 296.703,
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                    },
                    "text": "Any age with 27 years of service. Age 65 with 48 months of service. Money purchase for age 65 with less than 48 months based on contributions and interest.",
                    "attrs": {
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                    "text": "Rule of 87: Member must be at least age 57 and age plus earned service must equal 87 years at retirement to retire under this provision. Age 65 with 5 years of earned service. No month purchased calculations.",
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            "text": "(Continued)"
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            "type": "footer",
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            "text": "30.",
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