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What is the deferred compensation plan for Kansas public employees?
About the 457(b) Deferred Compensation Plan A governmental 457(b) deferred compensation plan (457 plan) is a retirement savings plan that allows eligible employees to supplement any existing retirement and pension benefits by saving and investing before-tax dollars through a voluntary salary contribution.
What is full retirement age for KPERS?
Full Retirement BenefitsAge 6030 Years of ServiceAge 655 Years of Service
Is KPERS a good retirement plan?
KPERS retiree benefits are safe and guaranteed by Kansas law. A retiree will receive his or her benefit for life, no matter the economic condition. Members who leave employment and withdraw their contributions before retirement will receive the full amount they have contributed, plus interest.
What is the KPERS 5 year rule?
You need to withdraw your account balance within five years of the date you end employment. Your contributions earn interest for five years (two years for KPERS 3 members). After five years, you forfeit your service. KPERS 1 mem- bers who docHub age 65 within the five-year period may apply for retirement benefits.
Can you cash out your KPERS?
Your account earns interest for 5 years (2 years for KPERS 3 members). Theres a 31-day waiting period after you end employment before you can withdraw. When its time, submit the withdrawal form and well send your refund within 4-6 weeks. The form tells you about your options on how to receive your money.
KPERS 1 members can retire anytime with 85 points. The 85 point rule is when your age and years of service added together equal 85. Every year you work, you gain two points one for each birthday and one for the year of service. The 85 point rule is only one of the three ways you can qualify for retirement.
How does KPERS work when you retire?
When you retire, KPERS will pay you a monthly benefit for the rest of your life. Youll have some payment options, in case you want someone to get your benefit after you die. Retirees also have a $4,000 death benefit. A benefit for life is really something.
How many years does it take to be vested in KPERS?
KPERS members vest their benefit with five years of service.
Related links
Voluntary Retirement Plans - Human Resource Management
The KPERS 457 Deferred Compensation plan is a voluntary savings plan to help you supplement your retirement income. The Plan is established under Internal
Log into Employee Self Service to view your Open Enrollment elections for 2008. Deferred Compensation News: New Options for Your Financial Future! Click here
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