Terms Used In Kansas Statutes 72-2686

  • Actuarial equivalent: shall mean a monthly life annuity, the amount of which shall be determined by an actuarial computation as provided in subsection (o) of Kan. See Kansas Statutes 72-26,115
  • Board: shall mean the board of education of any city of the first class operating a retirement system under the provisions of Kan. See Kansas Statutes 72-26,115
  • board of education: when used in this act, shall mean any board of education which, prior to the effective date of this act, has established and is operating a retirement system under any of the provisions of Kan. See Kansas Statutes 72-26,123
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Salary: shall mean the amount actually paid to the school employee for personal services plus the amount, if any, paid by the board of education toward an annuity for the school employee. See Kansas Statutes 72-2670

The board of education shall select and employ or retain a qualified actuary who shall serve at its pleasure as its technical advisor on matters regarding the operation of the retirement fund. The actuary shall:

(a) At least once every three (3) years make a valuation of the liabilities and reserves of the retirement fund and a determination of the contributions required by the retirement fund, to discharge its liabilities, and recommend to the board of education rates of employee salary assessment.

(b) Recommend actuarial tables for use in calculating actuarial equivalent values.

(c) Perform such other duties as may be assigned by the board.