Kansas Statutes 74-4986p. Termination events
Terms Used In Kansas Statutes 74-4986p
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- DROP account: means the notional account to which is credited the monthly DROP accrual;
(5) "DROP period" means the period of time that a member elects to participate in the DROP pursuant to Kan. See Kansas Statutes 74-4986l
- 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
- participating employer: means an eligible employer who has agreed to make contributions to the system on behalf of its employees first hired on or after July 1, 2009. See Kansas Statutes 74-49,202
- system: means the Kansas public employees retirement system. See Kansas Statutes 74-49,302
(a) A member‘s participation in the DROP ceases on the occurrence of the earliest of the following:
(1) Termination of the member’s active service with a participating employer of the system;
(2) the last day of the member’s elected DROP period that begins on the effective date of the member’s election to participate in the DROP;
(3) retirement due to disability as defined in Kan. Stat. Ann. § 74-4952, and amendments thereto; or
(4) the member’s death.
(b) If a member dies before taking a distribution from such member’s DROP account, the member’s designated beneficiary shall receive a lump-sum payment equal to the member’s DROP account balance, including any lump sum credited as provided in Kan. Stat. Ann. § 74-4986o(d), and amendments thereto. If the DROP member has not named a beneficiary for such member’s DROP account, the amount in the DROP account shall be paid to the beneficiary of the member’s retirement benefit.