Kansas Statutes 72-2687. Retirement fund, certain cities; assessments; tax levy, use of proceeds; gifts
Terms Used In Kansas Statutes 72-2687
- 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
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Property: includes personal and real property. See Kansas Statutes 77-201
- Retirement system: means the state school retirement system;
(b) "board" means the board of trustees of the Kansas public employees retirement system;
(c) "school year" means either the twelve-month period beginning on September first, or the legal school term during such period. See Kansas Statutes 72-2624
- 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
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
In any city of the first class in the state of Kansas having a population of more than eighty thousand and less than one hundred twenty thousand, there may be created by the board of education of such city a retirement fund for board of education employees, which fund, when created, and the management and disbursement thereof, shall be under the control of the board of education of such city except that this act shall not apply to any teachers or other employees while they are members of and participating in a separate school retirement system or fund operated by said board of education. Such retirement fund shall be created and maintained in the following manner:
First, By an assessment of not less than one percent nor more than six percent of every installment of salary paid to such board of education employee in such city.
Second, By the setting aside by the board of education of such city of an amount which shall be not less than one and one-half times the amount of salary assessments, and not less than the amount necessary to meet the payments herein provided for; such amount and an amount to pay a portion of the principal and interest on bonds issued by cities under the authority of Kan. Stat. Ann. § 12-1774, and amendments thereto, for the financing of redevelopment projects upon property located within the school district may be raised by special levy and none of the debt or tax limitations provided by law shall apply to such levy made under this act, except that in no event shall such levy exceed one-quarter mill on each dollar of assessed valuation of real and personal property located within the taxing district of said board of education.
Third, By the receipt, by gift or otherwise, of any real, personal, or mixed property, or any interest therein.