Kansas Statutes 74-49,312. Vesting; nonforfeitability; restoration of service and credits of certain members who return to active service
Terms Used In Kansas Statutes 74-49,312
- 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
(a) A member is vested, but subject to forfeiture, in the member’s retirement annuity account upon completion of five years of service. A member’s benefit is nonforfeitable upon the attainment of normal retirement age and the completion of at least five years of service, whichever is later.
(b) If a member who is not vested in the member’s retirement annuity account at termination of employment, has not withdrawn such member’s annuity savings account and returns to active employment and membership in the plan within five years of such member’s termination, such member’s prior years of service, employer credits and interest credits shall be restored upon such return to employment and membership.