Kansas Statutes 74-49,309. Forfeiture of certain credits upon termination of plan membership in certain circumstances
Terms Used In Kansas Statutes 74-49,309
- 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.
- 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
- normal retirement age: means the attainment of age 65 with completion of five years of credited service, or 60 with the completion of 30 years of credited service;
(10) "plan" means the plan established within the Kansas public employees retirement system by Kan. See Kansas Statutes 74-49,302
- retirement annuity account: means the account established for employer credits of members under Kan. See Kansas Statutes 74-49,302
If the member‘s retirement annuity account is not vested upon the member’s termination of plan membership, as provided in Kan. Stat. Ann. § 74-49,312, and amendments thereto, the member’s service credit, employer credits and interest credits are forfeited as provided in Kan. Stat. Ann. § 74-49,312, and amendments thereto. If the member’s retirement annuity account is vested upon the member’s termination of plan membership, as provided in Kan. Stat. Ann. § 74-49,312, and amendments thereto, but the member dies prior to attaining normal retirement age without a spouse eligible for the retirement annuity account under Kan. Stat. Ann. § 74-49,313, and amendments thereto, the employer credits and interest credits are forfeited. Forfeitures may not be used to increase a member’s account.