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Terms Used In Kansas Statutes 74-4919u

  • 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

  • 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

Any member of the Kansas public employees retirement system who was previously employed in service as law enforcement personnel in support of a mission administered by the united nations, may purchase participating service credit for periods of such service which commenced on or after January 1, 1962. Such purchase of participating service credit shall be made in accordance with the provisions of Kan. Stat. Ann. § 74-49,123, and amendments thereto. The benefit for each such period of service purchased by the member shall be equal to 1.75% of the final average salary of any such member. Such member may purchase such participating service credit by submitting proof of such service acceptable to the board of trustees and by making application therefor prior to the date of retirement of such member for such purchase and to have such member’s employee contributions deducted from such member’s compensation at an additional rate of contribution, in addition to the employee’s rate of contribution as provided in Kan. Stat. Ann. § 74-4919, and amendments thereto, based upon the member’s attained age at the time of purchase and using actuarial assumptions and tables in use by the retirement system at such time of purchase for such periods of service. Such additional rate of contribution shall commence at the beginning of the quarter following the date upon which such member made application for such purchase and shall remain in effect until all of the full quarters of such service have been purchased. In lieu of the deduction of employee contributions as provided in this section, any such member may purchase such participating service credit by means of a single lump-sum payment in an amount equal to the then present value of benefits being purchased as determined by the actuary using the member’s attained age at the time of purchase, annual compensation at the time of purchase and the actuarial assumptions and tables currently in use by the system. The lump-sum payment shall be made immediately upon being notified of the amount due under this purchase method. The provisions of this section shall be part of and supplemental to the provisions of Kan. Stat. Ann. § 74-4901 et seq., and amendments thereto.