Under Kansas state statue and Board of Regents policy, the University and an eligible faculty or unclassified professional staff member may enter into a voluntary Phased Retirement agreement. The impact to your benefits under the phased retirement plan are explained below.
Under phased retirement, your benefits are calculated on a "full-time basis" which is defined as your appointment percentage before entering into the phased retirement agreement. If your appointment is less than 100% when you enter phased retirement, your benefits will not be calculated at 100%, but will instead be calculated at the percentage appointment you had just prior to entering into phased retirement. Below are some example scenarios:
- Scenario 1: If your appointment is 100% prior to entering phased retirement and you enter into a 50% phased retirement agreement, your benefits will be calculated at a "full-time equivalency" of 100%.
- Scenario 2: If your appointment time is 75% prior to entering phased retirement and you enter into a 50% phased retirement agreement, your benefits will be calculated at a "full-time equivalency" of 75%.
Under phased retirement, your employer provided benefits continue on a "full-time basis." Those benefits include:
- Mandatory Retirement Plan Contributions: You will receive a salary based on your FTE and your contribution to the Mandatory Retirement Plan will be 5.5% of that reduced gross salary. The University's contribution to the Mandatory Retirement Plan (8.5% of gross salary) will be based on your "full-time equivalent" salary.
- Accrual of Sick and/or Annual Leave: You will accrue sick and/or annual leave based on "full-time equivalency”.
- Life Insurance Coverage: In the event of death, your benefit will be calculated at 150% of "full-time equivalent" salary.
- Disability Insurance Coverage: In the event of approved disability under the State of Kansas long-term disability program, your benefit will be calculated at 60% of the "full-time equivalent" annual salary.
- Health Insurance Premiums: You will pay health insurance premiums based on the lower "full-time equivalent" semi-monthly premium.
- Income from the Mandatory Retirement Program: Participants may elect to receive income from the Mandatory Retirement Plan.