Kansas Statutes 72-26,115. Certain retirement systems; definitions
Unless a different meaning is clearly required by the context, the following words and phrases as used in this act shall have the following meanings:
(1) “Board” shall mean the board of education of any city of the first class operating a retirement system under the provisions of Kan. Stat. Ann. §§ 72-1788 to 72-1796, inclusive.
Terms Used In Kansas Statutes 72-26,115
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- 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
- 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
(2) “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. Stat. Ann. § 72-5501.