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 9  AN ACT concerning the Kansas public employees retirement system;
10    relating to purchase of additional benefits; amending K.S.A. 1996
11    Supp. 74-4936a and repealing the existing section.
12
13  Be it enacted by the Legislature of the State of Kansas:
14    Section 1.  K.S.A. 1996 Supp. 74-4936a is hereby amended to read
15  as follows: 74-4936a. Any employee of a participating employer who is a
16  member of the Kansas public employees retirement system, who was
17  previously employed in a teaching position with a public school system of
18  another state, in a foreign teaching service in an overseas dependents'
19  school, in a recognized teacher exchange program or in any program
20  where a teacher is chosen by the Kansas department of education to teach
21  in a foreign country and which service otherwise meets the requirements
22  of an employee as prescribed in subsection (14) of K.S.A. 74-4902 or
23  subsection (4) of K.S.A. 74-4932 and amendments thereto may elect to
24  purchase prior service credit for such out-of-state public school or over-
25  seas teaching employment. For any application to purchase service credit
26  as provided in the section submitted on or after July 1, 1997, the benefit
27  for each such year of employment shall be equal to 1% 1.75% of the final
28  average salary of any such member. Such member may purchase such
29  prior service credit by making application therefor prior to date of retire-
30  ment at an additional rate of contribution in addition to the employee's
31  rate of contribution as provided in K.S.A. 74-4919 and amendments
32  thereto, based upon the member's attained age at the time of purchase
33  and using actuarial assumptions and tables in use by the retirement sys-
34  tem at the time of such purchase. Such additional rate of contribution
35  shall commence at the beginning of the quarter following such election
36  and shall remain in effect until all quarters of such service have been
37  purchased. Any such member may purchase such prior service credit as
38  described in this section by electing to effect such purchase by means of
39  a single lump-sum payment in lieu of employee contributions as provided
40  in this section in an amount equal to the then present value of the benefits
41  being purchased as determined by the actuary using the member's at-
42  tained age, annual compensation at the time of purchase and the actuarial
43  assumptions and tables then in use by this system. The lump-sum pay-
HB 2517
                                     

 1  ment shall be made immediately upon being notified of the amount due.
 2  No participating employer shall pay the cost, or any part thereof, of any
 3  prior service credit authorized to be purchased by a member under this
 4  section.
 5    Sec. 2.  K.S.A. 1996 Supp. 74-4936a is hereby repealed.
 6    Sec. 3.  This act shall take effect and be in force from and after its
 7  publication in the statute book.