The University leases computer equipment under operating leases, which expire on various dates through 2017. Lease payments to the lessors under these leases totaled $174,239 and $106,104 for the years ended June 30, 2016 and 2015, respectively. Minimum lease payments for 2017 are $69,794.

Regular full-time employees of the University, faculty and staff are required to participate in a retirement plan.

All faculty and exempt employees required to hold a degree and occupying full-time positions, defined as seven-tenths (7/10) of normal full-time service on a daily or weekly basis, are required by state law to participate either in the Kentucky Teachers Retirement System (KTRS) or the Optional Retirement Plan (ORP).

All qualifying employees not participating in the defined contribution plan sponsored by the University are provided with pensions through the Teachers Retirement System of Kentucky (KTRS)—a cost-sharing multiple-employer defined benefit pension plan. Pursuant to the provisions of KRS 161.250 the Board of Trustees of KTRS is vested with the responsibility for the general administration and management of the retirement system. The Board may adopt procedures necessary to conduct the business of the retirement system as needed. The applicable provisions of the Kentucky Revised Statutes (state law) shall control if any inconsistency exists between state law and this policy. KTRS issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained by writing to Kentucky Teachers Retirement System, 479 Versailles Road, Frankfort, Kentucky 40601-3868 or by calling (505) 848-8500.

KTRS, a cost sharing, multiple-employer, public employee retirement system, provides retirement benefits based on an employee's final average salary and number of years of service. Benefits are subject to certain reductions if the employee retires before reaching age sixty, unless the employee has twenty-seven or more years of participation in the plan. The plan also provides for disability retirement, death and survivor benefits and medical insurance.