Kansas Statutes 74-4938. Retirement benefits; annual benefits; vested benefits; minimum benefits
Terms Used In Kansas Statutes 74-4938
- 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
- entry date: means the entry date as of which an eligible employer joins the system. 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
- normal retirement date: means the same as defined in subsection (23) of Kan. See Kansas Statutes 74-4932
- 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
- salary: means the same as such term is defined in Kan. See Kansas Statutes 74-49,202
- school year: means the twelve-month period beginning September 1 and ending August 31;
(4) "employee" means any employee of a participating employer which is an eligible employer, as specified in Kan. See Kansas Statutes 74-4932
- 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) Except as otherwise provided in this section, the provisions of Kan. Stat. Ann. § 74-4915, and amendments thereto, shall apply to members hereunder. Any member who retires on or after the member’s normal retirement date shall be entitled to receive an annual retirement benefit equal to the sum obtained by adding an amount for participating service and an amount for prior service determined as provided in this section. The amount for prior service shall be equal to 1% of the member’s prior service annual salary multiplied by the number of years of prior service entitled to credit as provided in Kan. Stat. Ann. §§ 74-4936 and amendments thereto for such years as were credited to the member under the state school retirement system on entry date and .75% of the member’s prior service annual salary multiplied by the number of years of prior service entitled to credit as provided in Kan. Stat. Ann. §§ 74-4936 and amendments thereto which were not credited to the member under the state school retirement system on entry date, except that for members retiring on or after July 1, 1981, the amount for prior service shall be calculated using final average salary in lieu of prior service annual salary. The amount for participating service shall be as provided in Kan. Stat. Ann. §§ 74-4913 and 74-4915 and amendments thereto. Any member hereunder who has a vested benefit under the state school retirement system shall continue to have such benefit; otherwise the provisions of Kan. Stat. Ann. §§ 74-4917 and amendments thereto shall govern vested benefits.
(2) Notwithstanding the foregoing provisions of this section, if a member, who became a member on entry date was a member of the state school retirement system on the day preceding entry date, would have been entitled to a greater total retirement benefit under the provisions of the state school retirement system in effect on the day preceding entry date than the total benefit such member would be entitled to receive under this section, such member shall be entitled to the greater total retirement benefit of the two.
(3) For the purpose of calculating the retirement benefit of any person who becomes a member of this system under the provisions of subsection (4) of Kan. Stat. Ann. §§ 74-4935 and amendments thereto, the prior service annual salary shall be the compensation paid to such member as a school employee for the last school year for which service was credited under the state school retirement system.