Kansas Statutes 74-4965b. Purchase of participating service credit for in-state nonfederal governmental employment
Terms Used In Kansas Statutes 74-4965b
- 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
Subject to the provisions of Kan. Stat. Ann. § 74-49,123, and amendments thereto, on and after July 1, 2022, any member of the Kansas police and firemen’s retirement system who was previously employed in in-state nonfederal governmental employment and whose service otherwise meets the requirements of an employee as prescribed in Kan. Stat. Ann. § 74-4952(4), and amendments thereto, and meets the requirements of Kan. Stat. Ann. § 74-4902(10), and amendments thereto, may elect to purchase service for such nonfederal governmental employment. Such purchase shall be effected by the member submitting proof of such service that is acceptable to the board and electing in writing to have employee contributions as provided in Kan. Stat. Ann. § 74-4965, and amendments thereto, 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. § 74-4965, 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 such election and shall remain in effect until all of the full quarters of such service have been purchased. Such member may effect such purchase by means of a single lump-sum payment in lieu of employee contributions as provided in this section. The lump-sum payment shall be an amount determined by the actuary using the member’s annual rate of compensation or the member’s final average salary at the time the member elects to purchase such service credit, whichever is higher, the actuarial assumptions and tables currently in use by the retirement system and the member’s attained age.