Kansas Department of Administration

11-P-013 New VTSA Roth 403(b) After-Tax Investment Option

Posted on 10/21/2021 at 12:49 PM by Kansas Department of Administration

DATE: November 10, 2010
SUBJECT:

New VTSA Roth 403(b) After-Tax Investment Option

EFFECTIVE DATE: January 1, 2011
CONTACT:

Earl Brynds

(785) 296-5376

Earl.Brynds@da.ks.gov

APPROVAL:
SUMMARY:

New Plan Type, Benefit Plans and Deduction Code for Voluntary Tax Sheltered Annuity Roth 403(b) Investment Option


The Kansas Board of Regents (KBOR) has approved the recommendation to add a Roth 403(b) after-tax investment option as part of the voluntary retirement plan (VTSA). Only Regent university employees as well as employees of the KBOR office (agency 561) will be eligible to participate in the new Roth after-tax option. Eligible employees will have the flexibility to participate in either the current before-tax option, the new after-tax option, or both options concurrently. Employee contributions made under the after-tax investment option will not be reported on the employee’s W-2 per IRS regulations. Seven investment companies who currently offer the before-tax option will also offer the Roth 403(b) after-tax option and are listed in the table below.

To implement the new after-tax option, a new benefit plan type, a new payroll deduction code and new benefit plans will be added to SHARP effective for the payroll period beginning December 12, 2010 and ending December 25, 2010, paid January 7, 2011.

The new Benefit Plan Type, VTSA deduction code and benefit plans are:

PLAN

TYPE

DEDUCTION CODE

DESCRIPTION

SHORT DESCRIPTION

BENEFIT PLAN

BENEFIT PLAN DESCRIPTION

INVEST OPTION

4T

VTSART

Voluntary TaxSheltAnnuity

-Roth

VTSAnnRoth

VTR009

VTSA-Roth After-Tax

009-ING Voluntary

4T

VTSART

Voluntary TaxSheltAnnuity

-Roth

VTSAnnRoth

VTR321

VTSA-Roth After-Tax

321-Ameriprise Financial Services, Inc

4T

VTSART

Voluntary TaxSheltAnnuity

-Roth

VTSAnnRoth

VTR413

VTSA-Roth After-Tax

413-Lincoln Investment Planning, Inc

4T

VTSART

Voluntary TaxSheltAnnuity

-Roth

VTSAnnRoth

VTR416

VTSA-Roth After-Tax

416-Lincoln National Life Ins Co

4T

VTSART

Voluntary TaxSheltAnnuity

-Roth

VTSAnnRoth

VTR655

VTSA-Roth After-Tax

655-Security Benefit Life Ins Co

4T

VTSART

Voluntary TaxSheltAnnuity

-Roth

VTSAnnRoth

VTR695

VTSA-Roth After-Tax

695-Teachers Ins Annuity Assoc

4T

VTSART

Voluntary TaxSheltAnnuity

-Roth

VTSAnnRoth

VTR769

VTSA-Roth After-Tax

769-AIG Variable Annuity Life Ins Co

The Department of Administration is responsible for making the necessary updates to the SHARP payroll system and for remitting these new VTSART payroll deductions for employees of the KBOR office (agency 561). Regents’ institutions are responsible for ensuring that these changes are made in their respective systems effective with the payroll period noted above and for remitting these new VTSART payroll deductions for their impacted employees.

KEO:NTR:ewb

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