Kansas Statutes 74-4939. Employee and employer contributions; certification of employer rate and information
Terms Used In Kansas Statutes 74-4939
- Act: means the Kansas deferred retirement option program act;
(2) "board" means the board of trustees of the Kansas public employees retirement system;
(3) "DROP" means the deferred retirement option program established by Kan. See Kansas Statutes 74-4986l
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- compensation: means the same as such term is defined in Kan. See Kansas Statutes 74-49,202
- employee: means the same as such term is defined in Kan. See Kansas Statutes 74-49,202
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- participating employer: means an eligible employer who has agreed to make contributions to the system on behalf of its employees first hired on or after July 1, 2009. See Kansas Statutes 74-49,202
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- system: means the Kansas public employees retirement system. See Kansas Statutes 74-49,302
(1) Except as otherwise provided in this section, the provisions of Kan. Stat. Ann. §§ 74-4919 and 74-4920, and amendments thereto, shall apply to employee and employer contributions and obligations.
(2) The employer contribution rate for participating employers who are eligible employers as specified in subsections (1), (2) and (3) of Kan. Stat. Ann. §§ 74-4931 and amendments thereto shall be as certified by the board. Participating employers shall certify to the state board of education before September 15 of each year the anticipated total compensation to be paid during the next fiscal year to employees who are or are to become members. The state board of education shall transmit the information necessary to the division of the budget and the governor who shall include in the budget and budget document each year thereafter provisions for the transfer from the state general fund of sufficient sums to satisfy the participating employer‘s obligation under this act. The director of accounts and reports shall make a transfer therefor to the system quarterly, at the same time such employee contributions are remitted by such participating employers. Such transfer from the general fund of sufficient sums to satisfy the participating employer’s obligation shall not include any adjustments for individual employee’s service in prior periods and any required payment by a participating employer pursuant to Kan. Stat. Ann. §§ 74-4990 and amendments thereto and Kan. Stat. Ann. § 74-49,126 and amendments thereto. The employer’s obligation for such adjustments shall be paid by the participating employer. Transfers required by this subsection shall be provided for annually by act of the legislature.
(3) Participating employers who are eligible employers as specified in subsection (4) of Kan. Stat. Ann. §§ 74-4931 and amendments thereto shall pay to the system employer contributions at a rate of contribution as certified by the board.
(4) Upon the effective date of this act, the transfers for the employer’s obligation pursuant to subsection (2) for the quarter commencing on January 1, 1987, shall be made on July 1, 1987, together with interest thereon at the rate of 6.72% per annum from the date the payment would have been made as provided in this section immediately prior to this amendment until the date paid.