Kentucky Teachers Retirement System. KASBO Conference. May 11, Mark E. Whelan, CPA Chief Financial Officer
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1 Kentucky Teachers Retirement System KASBO Conference Mark E. Whelan, CPA Chief Financial Officer May 11, 2011
2 Kentucky Teachers Retirement System Established in 1938, KTRS provides Retirement Security For Kentucky s Educators 2
3 Primary Funding for Medical Insurance Fund ~ Kentucky Teachers Retirement System ~ 897m - 41m = 856m Millions m 562m Less payments of 41m m 134m m m m 29m 62m m - 9.0m m =20.0 =48.0 =61.0 = Member Contribution ¾ of 1% of member salary State Match Equals member contribution Redirected Retirement Contributions Redirected Contributions to be Repaid Contributions Repaid by Commonwealth 3
4 Retirement Contributions Redirected to Pay Retiree Health Care m State Contribution Medical Stabilization Funding per Statute Will repay retirement plan over 10 years with interest State Match.75% 24.1 m Chart 1 for Discussion of Funding of Retiree Health Care LEGEND FOR CHART 1 & CHART 2 System Generated Medicare D Rebates Investment m Current Annual Cost of Retiree Health Care * m Active Teachers.75% 24.1 m House Bill 1 - Active Teachers +1% for new hires after June 30, m Funding needed for retiree health care Amount needed to cover short-fall Not contributing to retiree health care Base funding required by statute System generated funding Directly paid by retirees age 65+ Added cost of teachers working longer Retirees Age /mo 1,157/yr 20.9 m Retirees Under Age /mo 0.0 m Retirees m Retirees Under m * Current annual cost of retiree health care includes both the supplement paid directly by KTRS for members and the required Medicare Part B premiums paid directly by members age 65+ Employers 0% 0.0 m Cost shifted directly to retirees These charts show two opposite ends of the health care funding spectrum. They are for discussion purposes only. They are not proposed as potential solutions. The KTRS actuary is working on a range of alternative options for the active members, retirees and constituency groups to consider. Any solution would be phased in over a period of four to six years in the near future and would require legislative action. 4
5 Retirement Contributions Redirected to Pay Retiree Health Care m State Contribution Medical Stabilization Funding per Statute Will repay retirement plan over 10 years with interest State Match.75% 24.1 m Chart 2 for Discussion of Funding of Retiree Health Care System Generated Medicare D Rebates Investment m Retirees Age /mo 1,157/yr 20.9 m 32.40/mo 7.5 m Retirees Under Age /mo -- 7,068/yr m Current Annual Cost of Retiree Health Care * m Retirees m Retirees Under m AND State Match would increase on the pay to these teachers 26 m-46 m Active Teachers.75% 24.1 m Employers 0% But... Payroll would increase substantially as active teachers worked closer to Medicare eligible age - approximately 8 more years 200 m-350 m Indirect Impact House Bill 1 - Active Teachers +1% for new hires after June 30, m LEGEND FOR CHART 1 & CHART 2 Funding needed for retiree health care Amount needed to cover short-fall Not contributing to retiree health care Base funding required by statute System generated funding Directly paid by retirees age 65+ Added cost of teachers working longer Cost shifted directly to retirees These charts show two opposite ends of the health care funding spectrum. They are for discussion purposes only. They are not proposed as potential solutions. The KTRS actuary is working on a range of alternative options for the active members, retirees and constituency groups to consider. Any solution would be phased in over a period of four to six years in the near future and would require legislative action. 5
6 Shared Responsibility House Bill 540 provides a long-term, sustainable method for funding medical insurance for retired teachers. It is a plan that has been developed with much study, deliberation and input from all of Kentucky s education community within the KTRS field of membership: KTRS Board of Trustees-fiduciary Jefferson County Teachers Association Kentucky Association of School Administrators & 3KT Kentucky Association of School Superintendents & 3KT Kentucky Education Association Kentucky Education Association-Retired Kentucky Retired Teachers Association Kentucky School Boards Association & 3KT Universities & Community Colleges & others 6 6
7 Education Community s Long Term Plan of Shared Responsibility for Funding Retired Teachers Health Care Medical Insurance Fund FY FY Projected covered payroll (000,000s) 3, ,556.0 Active Teachers FY FY FY FY FY FY FY Currently at.75% (1.75% hired on or after July 1, 2008) Rates will match for FY % 0.75% 0.75% 0.75% 0.75% 0.75% Increase medical contribution (Note: 1% increase is less than 1 months premium) 0.25% 0.50% 1.00% 1.50% 2.25% 3.00% % 1.25% 1.75% 2.25% 3.00% 3.75% Retired Teachers Retirees under Medicare eligible age estimated monthly cost CY 2010 CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY ,600 16, Pay equivalent to the Medicare Part B Premium paid by retirees age 65+ phase in starting July 1, Employers School districts and other employers FY FY FY FY FY FY Phase into paying a medical contribution for retirees 0.25% 0.50% 1.00% 1.50% 2.25% 3.00% State Pick up net health care cost for new retirees under Medicare eligible age CY 2010 CY 2011 CY 2012 CY 2013 CY 2014 CY 2015 CY ,800 3,600 Current KEHP premium and future estimated premium Less projected Medicare equivalent premiums paid by retirees Net cost for State per new retiree starting July 1, Amount State redirects to fund retiree health care to be repaid over 10 years at 7.5%
8 Field of Membership as of December 2010 Active 0 26 Years Non-eligible 44, Years* Eligible 15,199 Total Active 59,531 Sub/PT/Retired Return to Work 16,167 Total Contributing Members 75,698 Inactive Retired, Beneficiaries & Survivors Total ,763 44, ,701 * and/or age 55 with 5 or more years of service within the next fiscal year. 8
9 Savings to Local Districts, Other Employers & State Average Retiring Members Pay 62,038 Average New Full-time Members Pay 38, Difference ,146 Number of Members Eligible to Retire 15,199 Savings to Local Districts & Other Employers 351 Million per year Multiplied by the State Matching Contribution (13.105) Savings to State 46 Million per year April
10 10
11 11
12 KTRS ACCUMULATORS REPORT 12
13 EMPLOYER S ANNUAL REPORT SHEET 13
14 KTRS DISCREPANCY REPORT
15 Teacher Wonderful S - SUBSTITUTE SUBS SUBSTITUTE PERSONNEL 2099 SUBSTITUTE CERTIFIED Contribution Code 00 KTRS 9.855% EMPLOYEE CONTRIBUTION , , , /13/2011 Kentucky Teachers' Retirement System 15
16 .0025 EMPLOYER MATCH RECONCILIATION Contributions Contribution Rate Covered Payroll Member contributions at % 1,666, % 16,492, Member contributions at % 208, % 1,921, Employer's Federally matched contributions 98, % (737,141.07) Employer's Federally matched contributions 48, % (340,673.31) Subtotal - Salaries requiring.25% match 17,336, Matching rate 0.25% Matching required at.25% 43, Employer match remitted at.25% (43,137.06) Difference
17 Teacher Wonderful
18 Teacher Wonderful Part-time Teacher P ,
19 Teacher Wonderful
20 Verify Report
21 Verify Total Report
22 Verify Total Report
23 Pathway Project The Pathway System will improve interaction for Staff
24 KTRS Distributes Hundreds of Millions of Dollars Annually Estimated to be Billion FY 2011 FY Billion FY Billion FY Billion FY Billion FY Billion FY 2005 FY 2004 FY 2003 FY Billion Billion 929 Million 841 Million Over the Last 3 Years 267 Million = 6,675 40,000 ea
25 Kentucky Teachers Retirement System Retiree Analysis Retiree AGE Age 100 years old or more 46 Age years old 279 Age years old 708 Age years old 4,074 TOTAL RETIREES 5,107 1/
26 Teachers Retirement System Teachers Retirement System of the State of Kentucky Our Members Come First! Reach us at... of the State of Kentucky Protecting & Preserving Teachers Retirement Benefits 26
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