Can I withdraw money from my KPERS account?

Can I withdraw money from my KPERS account?

You will return as a KPERS 3 member. You can apply to withdraw your contributions any time 31 days after you end employment. If you withdraw, you will give up all Retirement System rights, benefits and service credit.

Does KPERS have a death benefit?

When you die, KPERS pays a $4,000 lump-sum death benefit to your beneficiary. You can name a person, estate, trust or a funeral establishment to receive your benefit. KPERS does not pay the death benefit automatically. Your beneficiary should contact KPERS to receive an application when the time comes.

Is KPERS 457 an IRA?

Only Plan administrator-approved balances from an eligible governmental 457(b), 401(k), 403(b) or 401(a) plan (both Roth and pre-tax) or a traditional Individual Retirement Account (IRA) may be rolled over to the KPERS 457 Plan.

Is KPERS a 401k?

KPERS is a qualified 401(a) defined benefit pension plan under the Internal Revenue Code. This type of plan is not permitted to allow “in-service” distributions.

When can I withdraw from KPERS?

31 days
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.

How do I access KPERS?

Go to www.kpers.org and click Member Account Access. Once at the secure site, click the New User button. You’ll need your Social Security number and your date of birth. Enter your e-mail address.

Does KPERS affect Social Security?

On average your KPERS benefit plus Social Security will replace 70 percent of your working income if you remain in KPERS 30 years. However, many participants may not have been members for this length of time. While a crucial part of retirement income, KPERS benefits are just that – a part.

Is KPERS retirement for life?

As a retired KPERS member, you will receive a monthly retirement benefit for the rest of your life. In addition, KPERS has retirement payment options that add financial flexibility and allow you to provide for loved ones after your death.

How does KPERS retirement work?

KPERS invests the money and pays you interest throughout your career. You also build retirement credits while you work. Both grow in value over time. When you are eligible for retirement, KPERS will pay you a lifetime monthly benefit based on your account balance and your retirement credits.

Is KPERS pre-tax or post tax?

KPERS is a “qualified plan” under federal tax provisions. Under a qualified plan, members make contributions on a pre-tax basis and interest grows tax-deferred. Federal law may limit your lump-sum payment if you are purchasing service with after-tax money. 1.

Is KPERS a good retirement plan?

If your employer offers it, KPERS 457 can be a good option. Many school employers offer a 403(b) savings plan. And if neither of those are available, you might want to look into an individual retirement account (IRA). It’s not so much a matter of where you save, just as long as you are saving.

How do I get rid of KPERS?

Complete an Application for Withdrawal of Contributions. You can download one from our forms page, get one from your designated agent or call our office at 1-888-275-5737 to receive one by mail. Once we receive your completed application, please allow four weeks for payment.

How much money does the KPERS system manage?

We also manage approximately $20 billion in assets for our members’ benefits. The System also oversees KPERS 457, a voluntary deferred compensation plan for state employees and many local employees.

How many KPERS members are there in Kansas?

The Kansas Public Employees Retirement System, administers three statewide defined-benefit plans for state and local public employees. The System also oversees KPERS 457, a voluntary deferred compensation Plan for state and many local employees. Membership totals over 289,000 members.

How can I contact a KPERS benefit specialist?

You can contact us by phone, email, or come visit us at our office. Our benefit specialists are ready to answer your questions. Weekdays: 8a.m. to 4p.m.

How to sign up for KPERS 457 Savings Plan?

Employers want to offer 457? Help your employees save on their own by joining KPERS 457. Call 785-414-3600 to sign up. What is KPERS 457?