a. Retirement Benefits
i. Eligible classified employees and University Support Staff are covered by the Kansas Public Employees Retirement System as determined by law.
ii. Faculty and unclassified employees are covered by and/or eligible for those retirement benefits under the Mandatory Retirement Plan that are set forth in detail as follows:
(1) The provisions of Kansas Board of Regents Mandatory Plan Document control the terms of the plan.
(2) The provisions of the Investment Policy Statement control the Board’s oversight and the role of the Investment Providers.
(3) The provisions of the Vendor Management Document shall control the Investment Provider reporting and fund change protocol.
iii. Retirement Age for Faculty and Staff Participating in the Kansas Board of Regents Mandatory Retirement Plan. There shall be no mandatory retirement age for participating employees. For purposes of eligibility for certain statutory retirement benefits, such retirement shall not occur before the fifty-fifth birthday; provided, however, that individuals who seek to retire from age 55 to 59 must have ten years of service in a benefits-eligible position at a state university or with the Board of Regents staff.
b. Phased Retirement Program
Phased retirement is a privilege, not a right, and is a benefit that may be granted only by the chief executive officer or his or her designee when it has been determined to be in the best interest of the institution. Subject to the provisions of K.S.A. 76-746 and K.A.R. 88-12-1 through 8, an unclassified employee aged 55 or older who is participating in the Kansas Board of Regents Mandatory Retirement Plan may enter into a written agreement with the employing institution whereby the employee shall accept a position which is less than full-time but at least one-fourth time, and the institution shall provide benefits on a full-time basis for up to five years.
c. Limited Retirement Health Care Bridge
The purpose of the Limited Retirement Health Care Bridge Program is to provide a mechanism whereby state universities may assist unclassified employees who desire to retire before they become eligible to qualify for Medicare by contributing to the cost of the employee’s health care coverage.
(1) Participation in the Limited Retirement Health Care Bridge Program is a privilege, not a right, and is strictly voluntary. The university chief executive officer or the chief executive officer’s designee, and the employee must all agree that it is in the best interest of both the university and the employee for the employee to participate in the Program; this decision shall be made on a case-by-case basis taking the employee’s appointment or job responsibilities, the timing of the request and other pertinent factors into consideration.
(2) Only unclassified employees at the state universities who are eligible for retirement and who have completed at least 10 years of full-time service shall be eligible for participation in the program upon reaching 55 years of age.
(3) Employees participating in Phased Retirement pursuant to K.S.A. 2011 Supp. 76-746, as amended, and K.A.R. 88-12-1 through 8, as amended, are not eligible to participate in the Limited Retirement Health Care Bridge Program. Employees participating in any other State of Kansas or Kansas Board of Regents retirement incentive programs are not eligible to participate in the Limited Retirement Health Care Bridge Program.
(4) If an eligible employee’s request to participate in the Limited Retirement Health Care Bridge Program is approved by the university chief executive officer or the chief executive officer’s designee, the university attorney shall draft an agreement between the university and the employee.
d. Tax Sheltered 403(b) Voluntary Retirement Program
Eligible classified and unclassified employees, including University Support Staff, may participate in a 403(b) voluntary retirement program. The provisions of the Kansas Board of Regents Voluntary Plan Document shall control the terms of the plan.