Mandatory Retirement Plans
Kansas Board of Regents mandatory retirement plan
- For faculty and unclassified staff
- Employees must work at least 20 hours per week to be eligible
- One-year wait period to participate
- Choose between Voya and TIAA-CREF investments
- Mandatory participation
- 5.5% employee contribution by payroll deduction
- Employer match of 8.5%
- Employer match is always 100% employee owned (vested)
Employees select their investments from a broad range of funds depending upon their financial objectives. Voya and TIAA-CREF agents are available to meet with employees to help in investment selection and retirement planning.
When can I retire?
Participants may retire at age 55-59 with 10 or more years of service or any time at/over age 60. Retirement income will be determined by investment performance, the age distribution begins, amount of funds available, and income option selected.
If you leave employment with the university or retire:
You may keep your funds in the plan, withdraw, or roll over your funds to another plan. You should consult with a tax advisor to learn if there are taxes, penalties or fees for withdrawing funds. If you keep your mandatory retirement funds that were payroll deducted with us when you make withdrawals, there is no current Kansas state income tax on those monies.
If you participate in the mandatory retirement plan and you are age 55 or more with at least 10 years of full time service with one or more Kansas Board of Regents institution and your current appointment is 50% to 100%, you may request to enter into a Phased Retirement Agreement to help you begin the transition to full retirement. If your request is determined to be in the best interest of the university and approved, you will be able to reduce your teaching and/or other responsibilities to between 25% and 50% of a full-time appointment while maintaining your current benefit status meaning that the employer match to the mandatory retirement plan is not reduced, the cost of your medical coverage does not change.
• Faculty members requesting phased retirement can get more information here and download forms.
Kansas Public Employees Retirement System (KPERS - Unclassified Support Staff)
- Employees must work at least 20 hours per week to be eligible for this retirement plan
- No wait period. Mandatory membership.
- 5 year vesting period
- 6% employee contribution
- Lifetime monthly benefit at retirement
- Participants may retire as early as age 55 with 10 or more years of service.
When can you retire?
Tier 1 (Employees who were enrolled in KPERS prior to 7/1/2009)
Retiring with full benefits:
- Age 65 with 1 year of service credit
- Age 62 with 10 years of service credit
- age when your age and years of service credit added together equal 85 (85 points)
Retiring early with a reduction in benefits:
- Age 55 who have at least 10 years of service credits for early retirement with a reduction in benefits
Tier 2 (Employees who enroll in KPERS on or after 7/1/2009)
Retiring with full benefits:
- 65 with 5 years of service credit
- Age 60 with 30 years of service credit
Retiring early with a reduction in benefits
- Age 55 with 10 years of service for early retirement
- If you are a vested KPERS member you may leave your contributions in the system or apply for a retirement benefit at retirement age. You will need to fill out a retirement application form in order to begin the monthly pension process. Forms are at www.kpers.org or through the Human Resources office.
- The earliest eligibility for a retirement benefit is at age 55 if vested, age 65 if not vested and within 5 years of that age, or any age if age and years of service equal 85.
- If you are not vested, you may leave your contributions in the system for up to five years.
- After that time interest is no longer credited and you should withdraw your funds. KPERS funds may be rolled over into IRAs.
- Employees who retire under KPERS and return to work in a KPERS covered position may have their KPERS retirement benefit impacted if the salary earned is more than the limit set by KPERS for the calendar year. The annual salary limit for KPERS is $20,000.
If the annual salary exceeds the KPERS limit, the options regarding the KPERS retirement benefit are:
- terminate employment and continue to receive the KPERS retirement benefit
- continue employment and suspend the KPERS retirement benefit or
- revoke the retirement benefit and become a participating member of KPERS again
Kansas Police and Fire (KP&F)
- No wait period
- 5 year vesting
- 7% employee contribution
- Lifetime monthly benefit
Sep 30, 2014