Kansas Statutes 74-49,316. Death and disability benefit coverage
Terms Used In Kansas Statutes 74-49,316
- Act: means the Kansas deferred retirement option program act;
(2) "board" means the board of trustees of the Kansas public employees retirement system;
(3) "DROP" means the deferred retirement option program established by Kan. See Kansas Statutes 74-4986l
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- employee: 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
- normal retirement age: means the attainment of age 65 with completion of five years of credited service, or 60 with the completion of 30 years of credited service;
(10) "plan" means the plan established within the Kansas public employees retirement system by Kan. See Kansas Statutes 74-49,302
- retirement annuity account: means the account established for employer credits of members under Kan. See Kansas Statutes 74-49,302
- 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
- system: means the Kansas public employees retirement system. See Kansas Statutes 74-49,302
(a) Members of the retirement system under the Kansas public employees retirement system act of 2015 shall be covered in the death and disability plan in accordance with Kan. Stat. Ann. § 74-4927, and amendments thereto, but subject to the provisions of this section.
(b) (1) In the event that a member becomes eligible for and begins receiving a long-term disability benefit under the plan, such member shall be given participating service credit for the entire period of such disability. Such member’s annuity savings account and retirement annuity account shall be credited with the amount of employee contributions and employer credits and interest credits prescribed in this act for the entire period of such disability, but no later than the time prescribed by subsection (3).
(2) The salary upon which credits to such member’s annuity savings account and retirement annuity account are based shall be the employee’s salary at the time of disability, which shall be adjusted once each year on January 1, but only after five years of disability, by the lesser of: (A) The percentage increase in the consumer price index for all urban consumers as published by the bureau of labor statistics of the United States department of labor measured in the prior November, minus 1%; or (B) 4% per annum.
(3) All credits to the annuity savings account and the retirement annuity account shall cease upon the earliest of:
(A) Death;
(B) attainment of normal retirement age; or
(C) the date the member is no longer entitled to receive disability benefits pursuant to law or the terms of the plan as established by the board.