Employee Benefits Board of Regents Mandatory Retirement Plan
Kansas Board of Regents Mandatory Retirement Plan
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 - 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.