Each participant establishes a retirement account with the selected company. The company will then invest the participant’s funds as the participant directs. At retirement, the employee will determine the withdrawal rate and method for his/her retirement funds.
Regular retirement is available at age 60 with no minimum service requirement. Early retirement is available at age 55 to unclassified employees with at least 10 years of service.
When Eligible: Unclassified employees must participate in the mandatory retirement plan after one year of service in an eligible position. This one-year wait may be waived if the employee has participated in a qualified retirement plan at an institution of higher education in the United States to which employer contributions have been made for at least one year (365 days) within the five-year period immediately preceding employment with Kansas State University. A waiver may also be granted for participation in a State of Kansas mandatory retirement plan (other than the Kansas Board of Regents) in which the employee participated at least one year (365 days), including time in a waiting period, within the five-year period immediately preceding employment with Kansas State University. A Documentation of Service form for the waiver must be received by HR within the first 90 days of employment. Participation will begin when all needed forms are received in the Division of Human Resources.
Who Pays: The employee contributes 5.5% of salary in pre-tax funds and the University contributes 8.5% of employee’s salary to the employee’s selected provider.
Policy and Procedures Manual Chapter:
4810 Retirement Plans, Policies and Procedures