Session of 2000
SENATE BILL No. 577
By Senator Hensley
2-7
9 AN ACT
concerning the Kansas public employees retirement system;
10 authorizing purchase
of prior service for certain persons.
11
12 Be it enacted by the Legislature of the
State of Kansas:
13 Section
1. Any member may purchase service for periods of service
14 in an international public service program
sponsored or administered by
15 a federal agency. At the election of the
member, the benefit for each such
16 period of service shall be equal to either
1% or 1.75% of the final average
17 salary of any such member. Such member may
purchase such service by
18 making application therefor prior to date
of retirement at an additional
19 rate of contribution in addition to the
employee's rate of contribution as
20 provided in K.S.A. 74-4919 and amendments
thereto, based upon the
21 member's attained age at the time of
purchase and using actuarial as-
22 sumptions and tables in use by the
retirement system at the time of such
23 purchase. Such additional rate of
contribution shall commence at the
24 beginning of the quarter following such
election and shall remain in effect
25 until all quarters of such service have
been purchased. Any such member
26 may purchase service as described in this
section by electing to effect
27 such purchase by means of a single lump-sum
payment in lieu of em-
28 ployee contributions as provided in this
section in an amount equal to the
29 then present value of the benefits being
purchased as determined by the
30 actuary using the member's attained age,
annual compensation at the time
31 of purchase and the actuarial assumptions
and tables then in use by this
32 system. The lump-sum payment shall be made
immediately upon being
33 notified of the amount due. No
participating employer shall pay the cost,
34 or any part thereof, of any service
authorized to be purchased by a mem-
35 ber under this section.
36 Sec. 2. This act shall
take effect and be in force from and after its
37 publication in the Kansas register.