The State of Kansas, the Kansas Board of Regents and Kansas State University have basic retirement plans for benefits-eligible employees. Participation in the appropriate plan is mandatory when the requirements for membership are met. The plan membership is based upon the employee’s type of appointment. These plans are designed to provide the employee with a future retirement income.
Kansas Board of Regents (KBOR) Mandatory Retirement Plan
Faculty and Professional Staff who are benefits-eligible participate in the Kansas Board of Regents mandatory retirement plan. Retirement plan providers are Voya Financial, (formerly 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 with at least 10 years of service.
When Eligible: Faculty and Professional Staff 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.
Kansas Board of Regents Phased Retirement Program
This retirement plan ONLY applies to Faculty and Professional Staff/Regents Mandatory Retirement Plan Members. Participation means a reduction in appointment and salary but retention of current employer-paid benefits. Participation is voluntary and available from one to five years. At the end of the agreed upon participation period (not to exceed five years) the employee is required to retire.
When Eligible: Age 55 with 10 years of full-time service at KSU or another Board of Regents educational institution.
Who Pays: The university continues to pay the employer provided benefits at the employees FTE rate prior to participation in the Phased Retirement Program even though the employee’s salary is reduced.
Kansas Police & Fireman's Retirement System (KP&F)
Only university police officers participate in KP&F. Participants are vested after 15 years of service and may select from various income options at retirement.
Regular retirement is available at these age and service combinations:
- 50 years of age with at least 25 years of service credit
- 55 years of age with at least 20 years of service credit
- 60 years of age with at least 15 years of service credit
Early retirement is available at age 50 with at least 20 years of service credit. A benefit penalty applies to early retirement.
When Eligible: Participation in this retirement plan is mandatory on the first day of employment in a KP&F-covered position.
Who Pays: The employee contributes 7% of salary before taxes. The University contributes an amount determine by KP&F to the retirement system. The University contribution is not credited to any specific employee or group of employees.
Kansas Public Employees Retirement System (KPERS)
University support staff in KPERS-covered positions participate in KPERS. Participation in KPERS retirement is mandatory at date of hire into a KPERS covered position.
|KPERS 1||KPERS 2|
|Member Date||Contributing members on 7/1/2009||Employees first employed on or after 7/1/2009|
|Vested employees who return to work||Active members who return to employment on/after 7/1/2009|
|Employees in "year of service" 7/1/2008-6/30/2009 and are still employed||Former members who withdrew and begin new membership 7/1/2009 or after|
|Vesting||5 years' contributions||5 years' contributions|
|Contributions by Employees|
6% of gross pay in 2015
|6% of gross pay|
|Full Retirement Eligibility||Age 65 plus 1 years' contributions|
Age 62 plus 10 years' contributions
85 points (age plus contributions)
|Age 65 plus 5 years' service|
age 60 plus 30 years' service
|Early Retirement Eligibility||Age 55 plus 10 years' contributions with reduction in benefits||Age 55 plus 10 years' service with reduction in benefits|
Social Security is for financial assistance at retirement and in case of disability or death.
When Eligible: First day of employment.
Who Pays: The employee pays a percentage of their gross biweekly salary. The university matches that same amount.
- Bona Fide Separation from Service (pdf)
- Comparison of the Kansas Board of Regents Mandatory Retirement Investment Providers (pdf)
- Retirement Health Care Bridge