Kansas Statutes 72-2243. Retirement accounts; contracts with community colleges or school boards; procedures; contributions by employer
Terms Used In Kansas Statutes 72-2243
- 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.
- Board: means the governing body of any technical college or the institute of technology at Washburn university, and the board of trustees of any community college. See Kansas Statutes 72-2252
- board of education: shall mean the board of education of any public school district. See Kansas Statutes 72-2215
- Contract: A legal written agreement that becomes binding when signed.
(a) The board of education of any school district or the board of trustees of any community college shall contract with any of its employees, upon request, for reductions in compensation and the contribution thereof for tax sheltered accounts and annuities or deferred compensation plans as permitted under section 403(b) or section 457 of the United States internal revenue code, for the benefit of such employees. Any employee desiring to contract under the provisions of this section shall send written notice of such desire to such employee’s employer within semiannual thirty-day periods in accordance with rules and regulations of such employer.
(b) The board of education of any school district and the board of trustees of any community college may contribute to a participant’s 403(b) account or annuity or 457 plan contracted for under the provisions of subsection (a).