Kansas Statutes 74-4918a. Retirement benefit options; spousal consent; statement required
Terms Used In Kansas Statutes 74-4918a
- 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.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- member: means any member of the Kansas police and firemen's retirement system who is eligible to participate in the DROP and who elects to participate in the DROP as provided in this act;
(7) "monthly DROP accrual" means the amount equal to the monthly retirement benefit that would have been payable to the member had the member terminated service and retired on the day the member elected; and
(8) "system" means the Kansas police and firemen's retirement system. See Kansas Statutes 74-4986l
- Retirant: means (1) any person who is a member of a retirement system and who has retired prior to July 2, 1987, (2) any person who is a special member of a retirement system and who has retired prior to July 2, 1987, (3) any person who is a joint annuitant or beneficiary of any member described in clause (1) or of any special member described in clause (2), (4) any local school annuitant, and (5) any insured disability benefit recipient. See Kansas Statutes 74-49,109
- Retirement system: means the Kansas public employees retirement system, the Kansas police and firemen's retirement system, the state school retirement system, the Kansas highway patrol pension fund, the Kansas bureau of investigation pension fund, the Kansas retirement fund for judges, or the Kansas retirement fund for official court reporters. See Kansas Statutes 74-49,109
- system: means the Kansas public employees retirement system. See Kansas Statutes 74-49,302
(a) If the member who is married at the time of retirement selects or will receive a retirement benefit or annuity which would provide to such member’s spouse upon the member’s death no monthly payments or payment which is less than the payment that the spouse would receive as a joint annuitant under the joint and 1/2 to joint annuitant survivor option, as provided in Kan. Stat. Ann. § 20-2610a, 74-4918, 74-4964 or 74-4964a and amendments thereto, or selects the lump sum payment at retirement benefit option as provided in subsection (3)(G) of Kan. Stat. Ann. § 74-4918, and amendments thereto, at the time of such selection of a retirement benefit or annuity the member shall submit a notarized statement of the marital status of the member and, if the member is currently married, a statement of the spouse’s consent or objection to the member’s selected retirement benefit or annuity under the provisions of this section signed by the spouse and notarized in such form and manner as provided by the system.
(b) (i) If the spouse of the member does not consent to the member’s selection of a retirement benefit or annuity under the provisions of this section before the date of actual retirement, the system shall:
(A) Notify the spouse that the spouse has 90 days to consent or have the member change such member’s selected retirement benefit or annuity; and
(B) pay the retirement benefit or annuity at the amount as provided by the joint and 1/2 to joint annuitant survivor option until the spouse consents or for 90 days, whichever is less.
(ii) Upon consent of the spouse or at the end of 90 days, the retirement benefit or annuity must be recalculated and paid as provided by the terms of the member’s original selected retirement benefit or annuity retroactively to the date on which the retirement became effective.
(iii) The system is not liable for any damages resulting from false designation of marital status by a member or retirant.
(c) For purposes of this section, “retirement system” or “system” means the Kansas public employees retirement system, the Kansas police and firemen’s retirement system and the retirement system for judges.
(d) The provisions of this section shall take effect on and after July 1, 1994.