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Regents dropping two retirement plans

TIAA-CREF, ING to be kept

Online retirement

  • A letter from Reginald Robinson, president and CEO of the Kansas Board of Regents on this topic to all faculty and staff eligible to participate in the board's mandatory retirement plan.
  • Information about the retirement plan committee's recommendations to Board of Regents.
  • Lincoln Financial and Security Benefit, as well as dozens of other companies, can still be utilized for voluntary retirement plan contributions. A listing of approved voluntary retirement plan companies.
Faculty and staff who participate in the Kansas Board of Regents mandatory retirement plan will not be able to invest their contributions with Lincoln National or Security Benefit Group after the end of the year. The board decided to offer two plans instead of four at the recommendation of a retirement plan committee.

No one will lose their retirement accumulations. Starting Dec. 31, all contributions will be directed to either TIAA-CREF or ING, the two options the board decided to retain. New fund lineups for the companies will be announced later this year. Employees who have retirement accounts with Lincoln National or Security Benefit may leave existing balances with the companies or move them to ING or TIAA-CREF.

Those who already have accounts with TIAA-CREF or ING can opt to continue with their current plan or switch to the other provider.

Employees who are newly eligible to participate in the retirement plan but have not yet enrolled can select any of the four plans for contributions through Dec. 31 but must choose one of the two continuing plans for contributions after Dec. 31.

Employees are required to contribute at least 5.5 percent of their compensation to the mandatory retirement plan.

The university is required to contribute an additional 8.5 percent, for a total pretax contribution of 14 percent.

The Board of Regents decided to offer two plans instead of four at the recommendation of the retirement plan committee that is charged with plan administration and investment oversight. The committee is comprised of a board member and representatives from all six state universities, and works with Deloitte Consulting.

In an effort to improve the mandatory retirement plan for employees, the committee requested proposals for alternative fund options, fees and services from all four providers.

TIAA-CREF was selected based upon "strong fund lineup, low fees, improved service and greatest market penetration," according to minutes from the June Board of Regents meeting.

ING was selected over Lincoln National because of its stronger support services, customer service and lower average expense ratio. Security Benefit was not retained because it presented the weakest fund lineup, highest fees, least comprehensive service and had the smallest market penetration, according to the meeting minutes.

This fall, meetings will be held on campus to discuss changes to the mandatory retirement plan. The meeting dates and locations will be announced at a later date.

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