Terms Used In Kansas Statutes 72-26,118

  • 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

  • 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

For the purpose of financing the supplemental retirement system established under the provisions of this act, the board shall establish a fund to be known as the “supplemental retirement fund,” to which shall be credited: (1) Annual contributions by the board in an amount equal to six percent (6%) of the first three thousand dollars ($3,000) of annual salary of each member of the supplemental retirement system;

(2) any residue in the separate retirement fund after payment to the state school retirement fund of the amounts required by subsection (d) of Kan. Stat. Ann. § 72-5501: Provided, The board shall retain in the separate retirement fund an amount sufficient to pay retirement benefits to previously retired members until the proceeds of the tax levy authorized in Kan. Stat. Ann. § 72-17,114 are available;

(3) interest received from investments of the fund;

(4) gifts made to, or for the benefit of such fund.

The board may invest any portion of said fund not currently needed as provided in Kan. Stat. Ann. § 72-17,125.