Beginning July 1, 2019, all New Employees (FT) hired by the Commonwealth of Kentucky Executive, Judicial and the Legislative Branch will be automatically enrolled in the KDC 401(k) Plan. All new employees will defer $15 per pay/$30 per month on a pre-tax basis unless they choose to contribute more or cease participation with the Plan.
Within 90 days after the receipt of the initial contribution, New Employees who wish to cease deferrals and exit the plan must submit a form to KDC who will in turn cancel the account and return monies with interest and minus mandatory withholding. If an Employee changes their mind, they can sign back up at any time; the program is voluntary otherwise. If the Employee does nothing after 90 days, the deferral remains in trust for the Employee. After the first year of inactivity, a $1 monthly fee and a $6 low balance fee will be assessed monthly. To discuss options, please contact KDC.