Kansas Statutes 74-49,126. Payment of accumulated leave or other payments to retirants; payment of actuarial liability; lump-sum or amortization of payment
(1) Notwithstanding the provisions of subsection (9) of Kan. Stat. Ann. §§ 74-4902 and amendments thereto, any payment for accumulated sick leave, vacation or annual leave, severance pay or any other payments to the member which, when upon retirement, increases the member’s final average salary by more than 15%, shall require the participating employer to pay the system a lump-sum amount equal to the system’s actuarial liability for benefits attributable to and payable on account of such excess over the 15% or require the participating employer to pay the system as provided in subsection (2).
(2) In lieu of a lump-sum amount as provided in subsection (1), such participating employer may elect to pay the system in an amount sufficient to amortize over a period of no more than 15 years commencing January 1, 2000, the system’s actuarial liability for such benefits attributable to and payable on account of such excess over the 15%. The board shall determine for each such participating employer the amount sufficient for amortization. On the basis of such determination the board shall annually certify to each such participating employer separately an actuarially determined rate of contribution which shall be required to be paid by that participating employer. Such rate shall be termed the participating employer’s excess liability contribution.
Terms Used In Kansas Statutes 74-49,126
- Amortization: Paying off a loan by regular installments.
- 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
- 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
- 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) As used in this section, “system” means the Kansas public employees retirement system, the Kansas police and firemen’s retirement system and the retirement system for judges.