Kansas Statutes 74-49,209. Retirement benefit options, election by member or spouse; determination of benefit
Terms Used In Kansas Statutes 74-49,209
- first employed: means an employee has not been an employee in a covered position of any participating employer prior to July 1, 2009, and is employed by a participating employer in a covered position on or after July 1, 2009; an employee who is a former member of the system who withdrew contribution accounts before July 1, 2009, and who is again employed by a participating employer in a covered position on or after July 1, 2009; or an employee who was an inactive non-vested member and who is again employed by a participating employer in a covered position on or after July 1, 2009;
(8) "inactive, non-vested member" means a member who has terminated employment with a participating employer and who does not have a vested retirement benefit in the system on July 1, 2009;
(9) "normal retirement date" means the date on or after which a member may retire with all retirement benefits pursuant to 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
- system: means the Kansas public employees retirement system. See Kansas Statutes 74-49,302
Any member who is first employed by a participating employer on or after July 1, 2009, may elect to have such member’s retirement benefit paid under one of the options provided in Kan. Stat. Ann. § 74-4918, and amendments thereto, in lieu of having it paid in the form stated in Kan. Stat. Ann. § 74-49,205 and Kan. Stat. Ann. § 74-4915, and amendments thereto, except that any such member or such member’s spouse that elects to be paid a lump sum amount to be paid to the member upon retirement as provided pursuant to Kan. Stat. Ann. § 74-4918, and amendments thereto, shall be paid in 10% increments and shall not exceed 30% of the actuarial present value of the benefit provided in Kan. Stat. Ann. § 74-49,205 and Kan. Stat. Ann. § 74-4915, and amendments thereto; and for any such member who elects any joint and survivor options provided in Kan. Stat. Ann. § 74-4918, and amendments thereto, such member shall have such member’s annual retirement benefit determined and then reduced by an amount recommended by the actuary employed by the system and approved by the board.