Mandatory Retirement Plans
KU Medical Center participants may retire at age 55-59 with 10 or more years of service or any time at/over age 60. Retirement income will be determined by investment performance, the age distribution begins, amount of funds available and income option selected.
Kansas Board of Regents mandatory retirement plan
- For faculty and unclassified staff
- Employees must work at least 20 hours per week to be eligible
- One-year wait period to participate
- Choose between Voya and TIAA investments
- Mandatory participation
- 5.5% employee contribution by payroll deduction
- Employer match of 8.5%
- Employer match is always 100% employee-owned (vested)
Employees select their investments from a broad range of funds depending upon their financial objectives. Voya and TIAA agents are available to meet with employees to help in investment selection and retirement planning.
- TIAA: 1-800-842-2776
TIAA offers individual counseling sessions on the Kansas City campus, view the retirement counseling schedule.
- Voya: 913-661-3777
When can I retire?
Participants may retire at age 55-59 with 10 or more years of service or any time at/over age 60. Retirement income will be determined by investment performance, the age distribution begins, amount of funds available, and income option selected.
If you leave employment with the university or retire:
You may keep your funds in the plan, withdraw, or roll over your funds to another plan. You should consult with a tax advisor to learn if there are taxes, penalties or fees for withdrawing funds. If you keep your mandatory retirement funds that were payroll deducted with us when you make withdrawals, there is no current Kansas state income tax on those monies.
- For instructions for withdrawals and rollovers of your funds, go to Plan with Ease
Find additional information including resources and links for Voya, TIAA and the investment comparison chart.