Office of the Provost

Faculty and Unclassified Staff Handbook
Chapter 5 -- Faculty: Leaves, Insurance, and Retirement Benefits

Retirement

Faculty members on a nine-month contract should plan their retirement to coincide with the end of an academic year or summer session. Members of the faculty or staff who are on twelve-month appointment should plan their retirements to coincide with the end of the fiscal year. A faculty or staff member, however, may request retirement at any time after their 55th birthday provided they have 10 or more years of Regents service.

Basic Retirement Program

There is a one-year waiting period for participation in the University's basic retirement plan. Participation in an acceptable retirement plan at another "institution of higher education" for one year within the last five years may be substituted for the waiting period.

Employee must be appointed to a budgeted position of .5 (half-time) or more to be eligible to participate.

Personal contribution is 5.5 percent--matched by University with 8.5 percent. How the 14 percent total contribution is distributed within the retirement program, is the employee's decision.

Two (2) companies are available for participation; however, the employee is limited to participation with one (1) company at a time. The employee may change companies once each calendar year. The company names are: 1) ING, and 2) TIAA-CREF.

Voluntary tax-sheltered options are available from the same company elected for the basic retirement program or 30 other life insurance companies licensed to sell in the state of Kansas.

Employees may participate in the voluntary tax-sheltered annuity program (without state contribution) whether or not they are eligible for the mandatory plan; there is no waiting period.

All University employees who are not primarily engaged as teachers participate in the KPERS. These employees become eligible for membership after one year of continuous service in a permanent position. For those eligible, participation is compulsory, and premium payments are by deduction from the payroll check. Under this system, members contribute four percent of their gross earnings; the University matches this and contributes sufficient additional funds to cover the employer liability under the act and group insurance programs.

KPERS, in addition to retirement benefits, provides for the University-purchased term life insurance, optional group life insurance, and long-term disability insurance. There are also service-connected death benefits available if death occurs in the line of duty.

Phased Retirement

Phased Retirement Program Regents Institutions

1. The Regents phased retirement program (hereinafter "the program") shall be open to all full-time, benefits-eligible unclassified employees of Regents institutions who have attained age 55 and who have completed 10 years of full-time service.

2. The maximum length of a phased retirement agreement shall be 5 years.

3. An appointment under a phased retirement agreement must be at least .25, but no more than .75.

4. Upon the culmination of the phased retirement agreement, the participating employee shall immediately retire.

5. Employees having retired upon completion of a phased retirement agreement shall not be precluded from re-employment with a Regents institution on a post-retirement basis.

6. Execution of a phased retirement agreement will not prevent an employee from retiring before the scheduled end of the agreement.

7. Funding for the program will come from the existing salary base.

8. Regulations of the Board of Regents shall be used and followed relative to operation and implementation of the program.

9. The maximum number of participants in any fiscal year cannot exceed 2 percent of an institution's unclassified FTE.

10. Phased retirement agreements must be mutually agreed upon by the employee and the appropriate institutional officer, within the limits of eligibility and limitations specified above. The reviewing officer must indicate that the agreement is in the best interest of the institution.

11. Participants in the program may partially annuitize their Regents mandatory retirement plan.

12. Participation in the program will not be counted against the institution's FTE limits.

K.S.A. 76-746 and K.A.R. 88-12, 1-8.

Kansas Board of Regents: Policies and Procedures Manual (12-01-95).

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