Session of 1999
SENATE BILL No. 41
An Act concerning retirement and pensions;
relating to the Kansas public employees re-
tirement system; employer contributions;
amending K.S.A. 1998 Supp. 74-49,126 and
repealing the existing section.
Be it enacted by the Legislature of the State of Kansas:
Section 1. K.S.A. 1998 Supp.
74-49,126 is hereby amended to read
as follows: 74-49,126. (1) Notwithstanding the provisions of
subsection
(9) of K.S.A. 74-4902 and amendments thereto, any payment for
accu-
mulated sick leave, vacation or annual leave, severance pay or any
other
payments to the member which, when upon retirement, increases
the
member's final average salary by more than 15%, shall require the
par-
ticipating employer to pay the system a lump-sum amount equal to
the
system's actuarial liability for benefits attributable to and
payable on ac-
count of such excess over the 15% or require the participating
employer
to pay the system as provided in subsection (2).
(2) In lieu of a lump-sum amount as
provided in subsection (1), such
participating employer may elect to pay the system in an amount
sufficient
to amortize over a period of no more than 15 years commencing
January
1, 2000, the system's actuarial liability for such benefits
attributable to
and payable on account of such excess over the 15%. The board
shall
determine for each such participating employer the amount
sufficient for
amortization. On the basis of such determination the board shall
annually
certify to each such participating employer separately an
actuarially de-
termined rate of contribution which shall be required to be paid
by that
participating employer. Such rate shall be termed the
participating em-
ployer's excess liability contribution.
(2) (3) As used
in this section, ``system'' means the Kansas public
employees retirement system, the Kansas police and firemen's
retirement
system and the retirement system for judges.
Sec. 2. K.S.A. 1998 Supp. 74-49,126 is hereby
repealed.
Sec. 3. This act shall take effect and be in force
from and after its
publication in the statute book.
I hereby certify that the above BILL originated in the
SENATE, and passed that body
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Passed the HOUSE ______________________________
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APPROVED ______________________________
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