Savings Plans

The State of Kansas, Kansas Board of Regents and Kansas State University offer the following savings plans for employees.

Available to all employees:

Deferred Compensation (457) Plan

Deferred compensation is a supplemental retirement savings option which is administered by Voya Financial (formerly ING) for all Kansas State employees. The annual contribution limits are established by the IRS. Employees who are age 50 or above may qualify for a higher annual limit.

Please Note:  Starting in January 2015, Great-West Financial will begin providing plan administration, record keeping, education and communication for the KPERS 457 Retirement Plan.  Great West is replacing ING/Voya at the end of the year, December 31, 2014.  Additional information is available on the KPERS Tandem 457 site and our FAQs (pdf)

When Eligible: Any employee – benefits-eligible or non-benefits-eligible – may begin participating on the first day of employment.

Who Pays: The employee contributes pre-tax dollars up to the individual maximum. The University makes no contribution to this plan.

529 Education Savings Plan (Learning Quest)

The Kansas Learning Quest Education Savings Program is established by the State of Kansas and administered by the Treasurer of the State of Kansas. American Century Investment Company is the program manager for employee investments. These investment plans, sometimes called 529 plans, offer tax-deferred earnings growth and potentially reduced taxes on withdrawals. Contributions are made on an after-tax basis for the benefit of named beneficiaries.

When Eligible: Any employee – benefits-eligible or non-benefits-eligible – may begin participating on the first day of employment.

Who Pays: The employee contributes after-tax dollars up to the individual maximum. The University makes no contribution to this plan.

Form:  Learning Quest Payroll Direct Deposit Change or Enrollment Form (pdf)

Video:

Available to benefits-eligible employees:

Voluntary 403(b) Retirement Plan (pre-tax and after tax options)

The Voluntary Retirement Plan offers benefits-eligible employees the opportunity to invest through payroll deduction with a retirement provider approved by the Kansas Board of Regents (KBOR). Annual limits are established by the IRS and include a base limit, an additional amount for employees who are age 50 or above and, an amount available to employees with at least 15 years of service at K-State who qualify for a higher annual limit.

Contributions may be pre-tax, after tax, or a combination of pre-tax and after tax to the maximum allowed by the IRS.

When Eligible: Benefits-eligible employees may begin contributing to a KBOR voluntary 403(b) plan on the first day of employment.

Who Pays: The employee contributes through payroll deduction up to the applicable maximum according to IRS regulations.

Related Links:

Forms:

Contributions to these plans are made by payroll deduction for the employee with no matching contribution by K-State.