Kansas Statutes 74-4934. Administration of state school retirement system; transfers of moneys and securities; credit to members’ accounts; executive secretary; transfer of employees
Terms Used In Kansas Statutes 74-4934
- Accumulated contributions: means the sum of all contributions by a member to the system which shall be credited to such member's account, with interest allowed thereon, plus such member's contributions transferred from the school employees savings fund of the state school retirement system;
(2) "compensation" means the same as defined in subsection (9) of Kan. See Kansas Statutes 74-4932
- 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
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- executive director: means the managing officer of the system as defined in subsection (16) of Kan. See Kansas Statutes 74-4932
- 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
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
- system: means the Kansas public employees retirement system. See Kansas Statutes 74-49,302
(1) On and after July 1, 1970, the state school retirement board is abolished and such board shall have no further legal authority or powers. On such date all of the powers provided in Kan. Stat. Ann. §§ 72-5501 to 72-5534 and amendments thereto shall devolve upon and be performed by the board of trustees of the Kansas public employees retirement system, and all powers heretofore exercised by the state school retirement board, including management and control of the assets and funds of the state school retirement system, shall be and become vested in the board of trustees of the Kansas public employees retirement system. Whenever in the statutes of this state the words “state school retirement board” or words of like effect are used, the same shall be deemed to mean the board of trustees of the Kansas public employees retirement system. The board of trustees of the Kansas public employees retirement system is authorized to execute transfer endorsements for any stock or security of the state school retirement system and such endorsements may be in the name of the state school retirement board.
(2) On January 1, 1971, there shall be transferred from the school employees savings fund of the state school retirement system such moneys and securities, and accumulated earnings thereon, as are equal to the accumulated contributions (savings annuity deductions or accumulated deductions) of the members of the state school retirement system on deposit with the state school retirement system who become members of this system on January 1, 1971, as provided in Kan. Stat. Ann. § 74-4935. Such transfer of securities in the school employees savings fund shall be on the basis of the book value of such securities. The member‘s account in this system shall be credited with the amount in his savings annuity account (savings annuity deductions or accumulated deductions) so transferred.
(3) “Executive director” as used in Kan. Stat. Ann. §§ 72-5501 to 72-5534, inclusive, and amendments thereto means the same as is provided in subsection (5) of Kan. Stat. Ann. § 74-4932. The duties provided in such statutes to be performed by the executive director shall be performed by the person holding the office defined in subsection (5) of Kan. Stat. Ann. § 74-4932. Employees of the state school retirement board shall continue in state service and retain all their rights under the Kansas civil service act.