Kansas Statutes 74-4955a. Eligible employees for and employees required to be covered by the provisions of K.S.A. 74-4957a, 74-4958a, 74-4960a, 74-4963a and 74-4964a
(1) Except as provided in subsection (4), each member of the system who was appointed or employed prior to July 1, 1989, may elect to be covered by the provisions of Kan. Stat. Ann. § 74-4957a, 74-4958a, 74-4960a, 74-4963a and 74-4964a, and amendments thereto, on the first day of the first payroll period of such member coinciding with or following the receipt of such election in the office of the retirement system, only by filing with the board of trustees of the system prior to January 1, 1990, a written election to be covered by such provisions. Failure to file such written election shall be presumed to be an election not to be covered by such provisions. Such election, whether to become a member or not to become a member, shall be irrevocable.
(2) Each person appointed or employed on or after July 1, 1989, shall be covered by the provisions of Kan. Stat. Ann. § 74-4957a, 74-4958a, 74-4960a, 74-4963a and 74-4964a, and amendments thereto.
Terms Used In Kansas Statutes 74-4955a
- compensation: means the same as such term is 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
(3) The provisions of this section shall be effective on and after July 1, 1989.
(4) Each member of the system who was appointed or employed prior to July 1, 1989, and who did not elect to be covered by the provisions specified in subsection (1) prior to January 1, 1990, may elect to be covered by such provisions by filing a written election as provided in subsection (1) during the period commencing July 1, 1990, and ending September 30, 1990.
(5) Except as provided in this subsection, each member of the system who was appointed or employed prior to July 1, 1989, and who did not elect to be covered by the provisions specified in subsection (1) as provided in this section, may elect to be covered by such provisions by filing a written election as provided in subsection (1). The provisions of this subsection shall take effect on and after the date the system receives a private letter ruling from the internal revenue service that the provisions of this subsection do not contravene federal law. The period of such election as provided by this subsection shall commence on the date of receipt by the system of such private letter ruling, and shall end 90 days thereafter. Any member who elects as provided by this subsection shall pay the cost of such election by means of a single lump-sum payment in an amount equal to the then present value of the benefits being purchased as determined by the actuary using the member’s attained age, annual compensation at the time of the purchase and the actuarial assumptions and tables then in use by the system.