Upon approval of your retirement application, you will receive monthly a guaranteed lifetime annuity. The amount of your annuity depends on your total years of service, the average of your best five annual salaries, and your option selection. Periodic increases have been made in the past in addition to the regular one and one-half percent ann ual increment. Do not confuse the Survivor Benefit Plan with your Retirement Plan.
Survivor benefits apply only to active members.
To provide for someone after your death, you must select a retirement option that will meet your needs. See The Optional Retirement Plans for descriptions of the available plans. Under federal tax law, members must pay taxes on their tax-sheltered annuities immediately upon retirement. When you retire, you must complete Form W-4P instructing KTRS how to withhold taxes from your annuity. All members receiving benefits from KTRS receive a Form 1099R, Statement for Recipients of Annuities, Pensions, Retired Pay, or IRS Payments.