Kansas Statutes 74-49,135. Member election related to member contributions and benefits
Terms Used In Kansas Statutes 74-49,135
- 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
- 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
- final average salary: means the average highest annual salary, as defined in Kan. See Kansas Statutes 74-49,202
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- 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
- salary: means the same as such term is defined in Kan. See Kansas Statutes 74-49,202
- system: means the Kansas public employees retirement system. See Kansas Statutes 74-49,302
(a) The provisions of this section and any related provisions shall not be implemented until the board of trustees of the Kansas public employees retirement system has obtained approval for the election and related provisions specified in this section from the federal internal revenue service. The board may implement the remainder of this act prior to implementation of this section. To that end, this section and provisions related thereto are severable from the remainder of this act and shall be repealed if the federal internal revenue service refuses to grant such approval or issues an adverse decision.
(b) Except as otherwise provided in this act, a member of the system under the provisions of Kan. Stat. Ann. § 74-4901 et seq., and amendments thereto, on July 1, 2013, may elect to: (1) Contribute, commencing January 1, 2014, 5% of such member’s compensation as employee contributions, and commencing January 1, 2015, and in each subsequent calendar year, 6% of such member’s compensation as employee contributions, and to receive an amount for participating service equal to the total of 1.85% of such member’s final average salary; or (2) continue to contribute 4% of such member’s compensation as employee contributions, and to receive an amount for participating service equal to the total of 1.4% of such member’s final average salary. Members shall make such election within a 90-day period established by the board.
(c) (1) Elections made pursuant to this section shall be made on a form and in a manner prescribed by the board.
(2) A member failing to make an election pursuant to subsection (b) shall contribute, commencing January 1, 2014, 5% of such member’s compensation as employee contributions, and commencing January 1, 2015, and in each subsequent year, 6% of such member’s compensation as employee contributions, and shall receive an amount for participating service equal to the total of 1.85% of the member’s final average salary.
(3) An election under this section, including the default election pursuant to subsection (c)(2), is a one-time irrevocable election.