Kansas Statutes 74-4993. Same; rights, duties, liabilities and benefits for members; computation of prior service annual salary
Terms Used In Kansas Statutes 74-4993
- 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
- entry date: means the entry date as of which an eligible employer joins the system. See Kansas Statutes 74-49,202
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- 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
- salary: means the same as such term is defined in Kan. See Kansas Statutes 74-49,202
Upon becoming a member as that term is defined in subsection (21) of Kan. Stat. Ann. § 74-4902 members of the legislature or former members of the legislature as described in Kan. Stat. Ann. § 74-4991, shall be entitled to and governed by all the provisions relating to rights, powers, duties, liabilities and benefits for members, their dependents and beneficiaries. For the purposes of this act the member’s prior service annual salary shall be computed by multiplying by twelve (12) the highest monthly compensation received as such member of the legislature in the year immediately preceding the entry date as defined in this act or in the last year during which he or she served as a member of the legislature.