Plan Description

KTRS administers the life insurance plan as provided by KRS 161.655 to eligible active and retired members. The KTRS Life Insurance benefit is a cost-sharing multiple employer defined benefit plan. Changes made to the life insurance plan may be made by the KTRS Board of Trustees and the General Assembly.

KTRS provides a life insurance benefit of five thousand dollars payable for members who retire based on service or disability. KTRS provides a life insurance benefit of two thousand dollars payable for its active contributing members. The life insurance benefit is payable upon the death of the member to the member's estate or to a party designated by the member.

In order to fund the postretirement life insurance benefit, 0.03% of the gross annual payroll of members is contributed by the state. For the year ended June 30, 2023, the University contributed $9,786 to the KTRS life insurance plan.

At June 30, 2024, the University reported a liability of $98,000 for its proportionate share of the collective net OPEB liability. The collective net OPEB liability was measured as of June 30, 2023, and the total OPEB liability used to calculate the collective net OPEB liability was based on a projection of the University's long-term share of contributions to the OPEB plan relative to the projected contributions of all participating employers, actuarially determined. At June 30, 2023, the University's proportion was 0.348635%, a decrease of 0.030236% from the prior year proportion of 0.378871%.

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