Board of Regents Mandatory Retirement Plans
The Board of Regents Mandatory Retirement Plan is a tax sheltered annuity that provides a defined contribution retirement program for unclassified Board of Regents employees. 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. The major features of this plan are:
- Employee contributions are tax sheltered.
- 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 two approved insurance companies:
* VOYA - a retirement company focused on holistic solutions that can help individuals become more confident about achieving their retirement goals.
* TIAA/Cref - a financial services company offering retirement services for nearly 100 years, specialized in the distinctive needs of those who work in the academic, research, medical and cultural fields.
- Employee contributions are 5.5% of gross compensation and are tax sheltered. Employer contributions are 8.5% of gross compensation.
- Members do not make contributions to KPERS but are covered by some KPERS Benefits.
- The Board of Regents approved Plan Document for the Mandatory Retirement Plan for faculty and unclassified academic and professional staff at the state universities can be found at http://www.kansasregents.org/resources/PDF/About/Retirement/141217_Mandatory_Retirement_Plan_Document.pdf
Board of Regents Voluntary Retirement Plans
Board of Regents employees have available a 403(b) voluntary retirement program. For more information, see the KBOR Voluntary Retirement Plan website.
Employees also have a 457(b) deferred compensation option to help increase retirement options.