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.
What are the Investment Choices: Retirement plan providers are TIAA and Voya Financial.
How do I enroll: Complete Form PER-19, or Form PER-19R as applicable and return to benefits@ksu.edu. Changes will take effect with the pay period following receipt of the completed form.
Is there a minimum contribution amount: A minimum of $10, or 1% per pay period is required.
Is there a maximum contribution amount: The calendar year 2022 IRC 403(b) limits are as follows: $20,500. If you are age 50 or older, you can contribute an additional $6,500.
Can I roll over old Retirement Plan Accounts: This depends on the type of account to be rolled over. Please work with your investment provider directly on if this is permissible under your plan(s).
When can I take a distribution: Please visit the Kansas Board of Regents website for more information on distributable events and tax considerations.
The Kansas Board of Regents 403(b) plan is using Planwithease.com (PWE) to help administer the Retirement Program. PWE is a plan administration service which will act on behalf of the KBOR Retirement Program to review and approve distribution requests that are allowed under the KBOR Plans for approved providers.* PWE also offers account information and educational materials. See the link below
Or you can work directly with your investment provider’s financial advisor.
When can I take Retirement: Regular retirement is based on which retirement program you are a participant. See the link below for the retirement age and service requirements.
Note that if you have taken out a Loan, unless you repay it in full, it will be taxable to you and if you are under age 59 ½, there is an additional 10% IRS penalty. See your Financial or Tax Advisor for specific details and assistance.
Also because the contributions are made with pre-tax dollars, any distributions taken from the retirement plans will be taxable to you and some IRS penalties may apply.
Related Links:
- List of Kansas Board of Regents Authorized Tax Deferred Annuity Companies
- Special Tax Notice Regarding Your Tax-Sheltered Annuity
Forms:
- Investment Agreement- Voluntary Pre-Tax Retirement Plan (PER-19)
- Investment Agreement- Voluntary Roth After-Tax Retirement Plan (PER-19R)
Contributions to these plans are made by payroll deduction for the employee with no matching contribution by K-State.
Access Your Account:
Related KSU Policy and Procedures Manual Chapter:
Related Information: