It's also important to keep your address information current with us. While you are working, we send important information through your employer. When you leave employment, we send information directly to you. Send a completed address form to the Retirement System when you leave employment and anytime your address changes. Change of Address form. Or update your address in your online account.
In some cases, you are still considered employed and cannot withdraw. Talk to your designated agent about your options.
You will now become a regular inactive KPERS member. Regular KPERS age and service requirements will apply when you retire. Your benefits will have a greater reduction for early retirement.
You must work in a Group A or B position at least three years immediately before retirement and retire the first day of the month following your last day on the payroll to be eligible for Correctional age and service requirement.
Life insurance ends when you leave or move to a position not covered by KPERS.* However, you can continue your coverage on your own. You have until 60 days after you end employment to submit your form.
You have 2 options, depending on whether you have employee or spouse coverage.
*Note: KP&F members do not have basic life insurance coverage. KPERS members moving to a Board of Regents position keep their life insurance coverage.
Questions? Talk to your employer or contact The Standard.
KPERS Optional Group Life Insurance Benefits are underwritten by Standard Insurance Company
The Standard Branch Office
800 SW Jackson, Ste 1110
Topeka, KS 66612
Toll Free: 1-844-289-2306
"Vesting" means you have earned enough service credit to guarantee a retirement benefit, even if you leave employment. Vesting is important when deciding whether to withdraw.
You Are Vested When You Have...
|KPERS 1||5 years of service|
|KPERS 2||5 years of service|
|KP&F Tier I||20 years of service|
|KP&F Tier II||15 years of service|
|Judges||At election or appointment|
Six months or more is rounded up for vesting. Example: 4.5 years rounds up to 5 years.
You are guaranteed a monthly retirement benefit for the rest of your life if you leave your contributions in your account. Often, if you have a significant amount of service, your benefit is more valuable than your actual contributions. If you keep your contributions with the Retirement System, you can apply for retirement benefits when you become eligible. They will continue to earn interest and you can withdraw at any time if you change your mind.
If you do not withdraw, and you return to covered employment, you will immediately become an active member again and keep your service credit.
You are not guaranteed a retirement benefit. You need to withdraw your account within 5 years. After 5 years, your contributions stop earning interest and you forfeit your service credit.
If you do not withdraw or retire and you return to employment within 5 years, you will immediately become an active member again and keep your service credit.
You can apply to withdraw anytime 31 days after you end employment. If you withdraw, you will give up all Retirement System rights, benefits and service credit. Employer contributions made on your behalf stay with the Retirement System.
You can receive your contributions and interest as a direct payment to you or roll over the amount into an eligible retirement plan. The decision to withdraw could affect your financial future, especially if you have many years of public service and accumulated contributions. Seek professional tax advice before withdrawing.
Roll your contributions over into an eligible retirement plan. This option allows you to defer paying taxes later.
|Have your contributions paid directly to you. You will owe federal taxes
and possibly a 10% federal penalty.