Kansas Statutes 74-49,318. Electronic and written account statements, requirements; electronic benefits estimate calculator
Terms Used In Kansas Statutes 74-49,318
- 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
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(a) All electronic and written account statements provided to the members, or accessible to the members through electronic account access, shall include:
(1) The anticipated monthly benefit from the account based on a retirement age of 65;
(2) the anticipated percentage of income replacement provided by the plan based upon a retirement age of 65; and
(3) the hypothetical or notional account balance.
(b) All electronic and written account statements provided to the members, or accessible to the members through electronic account access, shall clearly state that additional personal savings in programs like an internal revenue code section 403(b) plan or a 457 plan will likely be necessary to insure adequate retirement savings and to address cost-of-living increases.
(c) The board shall develop and make available to all members an electronic benefits estimate calculator for the plan established pursuant to this act.