{
    "document_id": 16540,
    "page": 43,
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    "item_count": 18,
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    "items": [
        {
            "id": "p43.1",
            "order": 1,
            "type": "header",
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            "text": "KENTUCKY STATE UNIVERSITY\nNOTES TO FINANCIAL STATEMENTS\nJune 30, 2019",
            "attrs": {
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        {
            "id": "p43.2",
            "order": 2,
            "type": "heading",
            "bbox": {
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            },
            "text": "NOTE 10 - OTHER POSTEMPLOYMENT BENEFITS PLANS (OPEB) (Continued)",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p43.3",
            "order": 3,
            "type": "text",
            "bbox": {
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            },
            "text": "Insurance Tier 2: Participation began on or after 7/1/2003, but before 9/1/2008"
        },
        {
            "id": "p43.4",
            "order": 4,
            "type": "text",
            "bbox": {
                "l": 69.84,
                "t": 646.56,
                "r": 532.08,
                "b": 634.08
            },
            "text": "Benefit Eligibility: Recipient of a retirement allowance with at least 120 months of service at retirement"
        },
        {
            "id": "p43.5",
            "order": 5,
            "type": "heading",
            "bbox": {
                "l": 70.8,
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            },
            "text": "Benefit:",
            "attrs": {
                "block_label": "paragraph_title"
            },
            "level": 3
        },
        {
            "id": "p43.6",
            "order": 6,
            "type": "text",
            "bbox": {
                "l": 122.16,
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                "r": 541.92,
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            },
            "text": "The system provides a monthly contribution subsidy of $10 (Non-hazardous) and $15 (Hazardous) for each year of earned service. The monthly contribution is increased by 1.5% each July 1. Benefits also include duty disability retirements, duty death in service and non-duty death in service."
        },
        {
            "id": "p43.7",
            "order": 7,
            "type": "text",
            "bbox": {
                "l": 69.84,
                "t": 566.4,
                "r": 344.16,
                "b": 553.68
            },
            "text": "Insurance Tier 3: Participation began on or after 9/1/2008"
        },
        {
            "id": "p43.8",
            "order": 8,
            "type": "text",
            "bbox": {
                "l": 69.6,
                "t": 543.6,
                "r": 533.04,
                "b": 530.16
            },
            "text": "Benefit Eligibility: Recipient of a retirement allowance with at least 180 months of service at retirement"
        },
        {
            "id": "p43.9",
            "order": 9,
            "type": "text",
            "bbox": {
                "l": 69.84,
                "t": 520.32,
                "r": 541.44,
                "b": 496.32
            },
            "text": "Benefit: Tier 3 insurance benefits are identical to Tier 2, except Tier 3 members are required to have at least 180 months of service in order to be eligible."
        },
        {
            "id": "p43.10",
            "order": 10,
            "type": "text",
            "bbox": {
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                "b": 403.44
            },
            "text": "Contributions: The University was required to contribute at an actuarially determined rate determined by Statute. Per Kentucky Revised Statute Section 78.545(33) normal contribution and past service contribution rates shall be determined by the KRS Board on the basis of an annual valuation last preceding July 1 of a new biennium. The KRS Board may amend contribution rates as of the first day of July of the second year of a biennium, if it is determined on the basis of a subsequent actuarial valuation that amended contribution rates are necessary to satisfy requirements determined in accordance with actuarial bases adopted by the KRS Board."
        },
        {
            "id": "p43.11",
            "order": 11,
            "type": "text",
            "bbox": {
                "l": 68.64,
                "t": 398.4,
                "r": 542.16,
                "b": 315.84
            },
            "text": "For the fiscal year ended June 30, 2019, participating employers in the non-hazardous plan contributed 49.47% (41.06% allocated to pension and 8.41% allocated to OPEB) as set by KRS of each non-hazardous employee's creditable compensation. For the fiscal year ended June 30, 2019, participating employers in the Hazardous plan contributed 36.85% (34.39% allocated to pension and 2.46% allocated to OPEB) as set by KRS of each Hazardous employee's creditable compensation. These percentages are inclusive of both pension and insurance payments for employers. Administrative costs of KRS are financed through employer contributions and investment earnings."
        },
        {
            "id": "p43.12",
            "order": 12,
            "type": "text",
            "bbox": {
                "l": 68.64,
                "t": 310.8,
                "r": 541.2,
                "b": 263.52
            },
            "text": "The University has met 100% of the contribution funding requirement for the fiscal years ended June 30, 2019. Total current year contributions recognized by the Plan were $2,246,884 ($1,864,909 related to pension and $381,975 related to OPEB) for the year ended June 30, 2019. The OPEB contributions amount does not include the implicit subsidy reported in the amount of $49,592."
        },
        {
            "id": "p43.13",
            "order": 13,
            "type": "text",
            "bbox": {
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                "b": 244.56
            },
            "text": "Members whose participation began before 9/1/2008:"
        },
        {
            "id": "p43.14",
            "order": 14,
            "type": "text",
            "bbox": {
                "l": 69.36,
                "t": 237.12,
                "r": 536.16,
                "b": 201.6
            },
            "text": "Nonhazardous contributions equal 5% and Hazardous contributions equal 8% of all creditable compensation. Interest paid on the members' accounts is currently 2.5%; and per statute shall not be less than 2.0%. Member entitled to a full refund of contributions with interest."
        },
        {
            "id": "p43.15",
            "order": 15,
            "type": "text",
            "bbox": {
                "l": 70.56,
                "t": 191.28,
                "r": 344.16,
                "b": 178.8
            },
            "text": "Members whose participation began on or after 9/1/2008:"
        },
        {
            "id": "p43.16",
            "order": 16,
            "type": "text",
            "bbox": {
                "l": 69.36,
                "t": 171.6,
                "r": 536.16,
                "b": 112.56
            },
            "text": "Nonhazardous contributions equal to 6% and Hazardous contributions equal 9% of all creditable compensation, with 5% (Non-hazardous) and 8% (Hazardous) being credited to the member's account and 1% deposited to the KRS 401(h) Account. Interest paid on the members' accounts will be set at 2.5%. Member is entitled to a full refund of contributions and interest in their individual account, however, the 1% contributed to the insurance fund is non-refundable."
        },
        {
            "id": "p43.17",
            "order": 17,
            "type": "text",
            "bbox": {
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                "b": 58.08
            },
            "text": "(Continued)"
        },
        {
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            "order": 18,
            "type": "footer",
            "bbox": {
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            },
            "text": "41.",
            "attrs": {
                "block_label": "number"
            }
        }
    ],
    "excluded_furniture": {
        "first": [],
        "last": []
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}