Kansas Board of Regents Mandatory Retirement Plan

Recent Changes

General Information

The Kansas Board of Regents (KBOR) Basic Retirement Plan provides a defined contribution (403b) retirement program for unclassified Board of Regents employees. For details, download the following:

All unclassified employees who are eligible shall participate in the Plan after completing one year of service. Eligible employees may, under certain circumstances, be permitted to enroll right away. See Waiver for Mandatory Retirement Plan.

Major Features

Employee contributions are tax deferred and vesting is immediate. The current value of the combined employee and employer contributions is payable to beneficiaries if the employee dies before retirement. The employee's contributions shall be made to any one of the two approved insurance companies. Members do not make contributions to KPERS but are covered by the KPERS Death and Disability Benefits Program. See Long Term Disability Benefit for Participants for information on contributions for participants who become disabled.

When Separating Employment from KUMC

Participants in the Board of Regents Retirement Plan may:

  1. Leave your accumulation in the plan where it will continue to earn interest. It will be available to you when you are ready to draw a retirement income. Most accounts are subject to risk and may not guarantee interest or principal.
  2. Withdraw your funds immediately or at a later time subject to a number of rules which are summarized below.

Most funds have a lump sum distribution (withdrawal) available but may be subject to taxability and a federal excise penalty of 10% of the total accumulation. These taxes and penalties generally do not apply if you roll your funds over to another tax deferred investment. Please note that if you roll over your funds to a plan outside of the Board of Regents Plan, you will lose the Kansas state income tax exemption on those funds.

Because the rules about distributions can be complex, it is recommended you visit with your company representative or discuss your individual situation with the Benefit Office, ext. 8-5087.

You may reach your investment representatives at:

  • TIAA/CREF - 1-800-842-2776
  • ING - 913-661-3777
  • Lincoln Nat - 913-451-1505
  • Security Ben - 1-800-888-2461

Approved Insurance Companies


CompanyContactTelephone
ING
Model Portfolio Brochure Shelli Patterson 913-469-8800
10740 Nall Ave. Wendy Prestwood 913-469-8800
Suite 120 Sharon Robinson 913-661-3760
Overland Park, KS 66211 Giles Thompson 785-856-7500
UKSM-Wichita Steve Cross 316-788-0788
Dan Wetta 316-686-2428
Tom Miller 316-612-4666
Fred Sauer 316-685-5311
TIAA/Cref
Choosing Your
Investments Brochure
Kyle Andrews 785-856-4822
4910 Corporate Centre Drive,
Suite 101
Justin Blatny 785-856-4804
Lawrence, KS 66047 866-842-8604

 

Contributions

Employee - 5 ½ percent of gross compensation and are tax deferred.
KUMC - 8 ½ percent of gross compensation.

Contacts

Please feel free to contact KUMC Human Resources, 913-588-5087 with any questions. The Wichita School of Medicine Campus contact is Leona Johnson, (316) 293-1803.

Last modified: Feb 26, 2014
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