74-4912. Consolidation of other systems with state system; resolution; requirements.

401 words·~2 min read·/ks/chapter-74/74-4912

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The state of Kansas or any county, city, township, special district or instrumentality of any of the aforementioned whose employees or a class of whose employees are members of any other retirement or pension plan authorized by a statute of the state of Kansas may by resolution adopted by the board, body or officer or officers authorized to apply for application pursuant to K.S.A. 74-4910 , and any amendments thereto, request the board to submit a proposal for consolidation of such other system with the Kansas public employees retirement system including an estimate of the contribution rate necessary to comply with the actuarial standard of this system. Such proposal shall provide that:

(a)The operation of such other pension system shall be discontinued;

(b)the existing retirants or annuitants of such other system shall continue to be paid by the Kansas public employees retirement system on the basis of the benefits schedule applicable in such other system at the date of proposed consolidation, except that all such benefits shall be paid in accordance with the applicable requirements of section 401 (a)(9) of the federal internal revenue code and the regulations thereto in effect on July 1, 2008, and in accordance with the provisions of K.S.A. 74-49,123 , and amendments thereto. Active members of such other system shall be deemed vested in such member's accrued benefit under such system;

(c)all cash and securities to the credit of such other system shall be transferred to the Kansas public employees retirement system;

(d)funds of such other system which represent accumulated contributions, if any, of members shall be credited to the employees accumulated contribution reserve of each employee. The balance of the funds so transferred to the Kansas public employees retirement system shall be offset against the liability on account of existing retirants, annuitants and active members;

(e)the resulting liability so determined shall be the basis for a rate of contribution of such employer; and

(f)such consolidation shall take effect only on January 1 of any given year.

(2)Before any employer shall adopt a resolution of affiliation which shall propose to accept a proposal of the board as provided in this section, at least 60% of the members, not retirants or annuitants, shall approve such consolidation. The board shall prescribe the manner in which such consent shall be exercised.