Voluntary Retirement Plans
The University of Kansas Medical Center offers two voluntary retirement plans for employees. No employer contributions are made to either of the voluntary retirement plans.
- Kansas Board of Regents 403(b) voluntary retirement plan (benefits eligible employees may elect to participate)
- KPERS 457(b) voluntary deferred compensation plan (all employees may elect to participate)
403(b) Voluntary Retirement Plan
The Kansas Board of Regents (KBOR) 403(b) Voluntary Retirement plan offers the opportunity to set aside additional pretax or Roth savings to help you pursue your goals and income needs in retirement. This plan is available in addition to the mandatory retirement plan (KPERS or KBOR Mandatory Retirement Plan). For additional information about the KBOR Mandatory and Voluntary retirement plans and investment options, please download the KBOR Retirement Plan Guide.
Eligibility
*Benefits-eligible employees can begin making voluntary contributions immediately upon employment.
Please note: *Residents are not eligible to participate in the KBOR 403(b) Mandatory & Voluntary Retirement plans but are eligible to participate in the KPERS 457 Deferred Compensation plan. See below for more details about the 457 Voluntary Deferred Compensation plan.
Contributions
The KBOR voluntary 403(b) retirement plan offers the opportunity to make contributions to an investment company on a pre-tax and/or Roth (after-tax) basis. These amounts are remitted each pay period to the plan provider you select.
Enrollment
The two retirement companies that are approved by KBOR for its 403(b) Voluntary Retirement Plan are TIAA and Voya. For more information or to schedule a meeting with a retirement company representative, please visit their respective website:
To enroll, first setup your account directly with TIAA or Voya.
Once you have setup your account with the vendor, you can enroll or makes changes to your contributions through Workday. As part of this process, you will receive an investment agreement. Your enrollment/change will not be finalized until the investment agreement is acknowledged.
More information
457 Deferred Compensation Plan
The KPERS 457 Deferred Compensation plan is a voluntary savings plan to help you supplement your retirement income. The Plan is established under Internal Revenue Code Section 457 and is administered by the Kansas Public Employees Retirement System (KPERS).
Eligibility
All employees (benefits eligible and non-benefits eligible) can participate in the KPERS 457 plan.
Contributions
The KPERS 457 Deferred Compensation plan permits you to make contributions on a pre-tax and/or Roth after-tax basis. These amounts are remitted each pay period.
Enrollment
To enroll or make changes to your contributions, please visit the vendor site at: www.kpers457.org.
If this is a new enrollment, contact benefits-university@kumc.edu for a required enrollment code. Once you complete your enrollment or make changes to your contributions online with KPERS 457 (Empower), this information will be sent to the university within a few weeks.
More Information
For information on contribution amounts, payout distributions, taxation and beneficiary information, please refer to KPERS 457 Plan Details page or contact KPERS at 1-800-232-0024.
KUMC Benefits Contact Information
KUMC Benefits: 913-588-5080 or benefits-university@kumc.edu