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.
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.
Participants in the Board of Regents Retirement Plan may:
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.
Employees enrolled in the TIAA investment option generally do not have a lump sum payout available if the total accumulation value is over $2,000.00 The number of years in which you contributed to TIAA may also affect the distribution rules. For new members the $2,000.00 limit may apply without the 5 year rule. As of January 1, 1993, distributions made directly to an individual may be subject to an additional 20% withholding. This ruling by the IRS does not appear to apply to direct rollovers where an employee is never in receipt of the 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:
|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|
|4910 Corporate Centre Drive,
|Lawrence, KS 66047||866-842-8604|
Employee - 5 ½ percent of gross compensation and are tax deferred.
KUMC - 8 ½ percent of gross compensation.
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.