Deferred Compensation (457) Plan
Deferred compensation is a supplemental retirement savings option which is administered by Empower 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.
What are the Investment Choices: The retirement plan provider is Great West Financial and is offered through KPERS. See the link below for additional information.
How do I enroll: A representative can meet with you to enroll or you can enroll online. It will be effective as of the first payroll processing date in the next month once complete and accurate information is received.
Is there a minimum contribution amount: You can start with as little as $12.00 per payroll.
Is there a maximum contribution amount: Yes, because Section 447 of the IRC allows employees to contribute pre-tax to this retirement program, the limits for 2022 are as follows: $20,500. If you are age 50 or older, you can contribute an additional $6,500.
What if I need to change my deferral amount: You can start, stop, or change it at any time. You can make the change on-line or meet with your financial advisor. Be sure to work them as to the payroll pay roll effective date.
Can I roll over old Retirement Plan Accounts: Probably yes, but you need to talk with your Financial Advisor and provide them information such as type of retirement plan. They will be able to work with you through the entire process.
When can I take a distribution: Participants may access funds after termination, retirement, death, or for an approved hardship or loan. You work directly with your Great West Financial Advisor.
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.
Access Your Account:
To set up your account online for the first time, review the enrollment flyer (pdf).
Related KSU Policy and Procedures Manual Chapter:
Related Information: