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Unclassified benefits-eligible employees, including faculty, participate in the Kansas Board of Regents mandatory retirement plan. Retirement plan providers are ING Financial Advisers and TIAA-CREF.
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 learning in the United States for at least 365 consecutive days within the previous 5 years. The request for waiver must be submitted 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’ selected provider.
Related Information
Related KSU
Policy and Procedures Manual Chapter:
4810 Retirement
Plans, Policies and Procedures
Related Links:
