74-4987. Consolidation and affiliation of certain state and local retirement systems with state retirement system.

512 words·~2 min read·/ks/chapter-74/74-4987

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

(a)An agency of the state of Kansas by its chief executive officer, or a city by its governing body, whose employees or class of employees are the members of another retirement or pension system authorized by K.S.A. 13-14a01 et seq., 14-10a01 et seq., 74-20b01 et seq. or 74-7a01 [ 75-7a01 ] et seq., may request, by resolution adopted by the governing body or chief executive officer, the board of trustees of the Kansas public employees retirement system to submit a proposal for affiliation and consolidation of such other retirement or pension system with the Kansas police and firemen's retirement system, including an estimate of the contribution rate necessary to comply with the actuarial standards of the Kansas police and firemen's retirement system. Such proposal shall provide that:

(1)The operation of such other retirement or pension system shall be discontinued;

(2)The existing retirants, annuitants and pensioners of such other systems shall continue to be paid by Kansas police and firemen's retirement system on the basis of the benefits schedule applicable in such other system at the date of proposed consolidation;

(3)All cash or securities to the credit of such other system shall be transferred to the Kansas police and firemen's retirement system;

(4)Funds of such other system which represent accumulated contribution, if any, of members shall be credited to the employees accumulated contribution reserve and to the member's account of each employee. The balance of the fund so transferred to the Kansas police and firemen's retirement system shall be offset against the liability on account of existing retirants, annuitants, pensioners or active members;

(5)The resulting liability so determined shall be the basis for a rate contribution of such employer to be determined and certified in accordance with K.S.A. 74-4967 ;

(6)Any person who becomes an active contributing member of the Kansas police and firemen's retirement system by reason of such consolidation shall have and be entitled to the rights and benefits corresponding to the rights and benefits of active contributing members who were previously covered by the retirement or pension systems established under the provisions of K.S.A. 13-14a01 to 13-14a14 , K.S.A. 14-10a01 to 14-10a15 , K.S.A. 74-20b01 to 74-20b13 and K.S.A. 1969 Supp. 75-7a01 to 75-7a13 , and any acts amendatory thereof; and

(7)Such consolidation shall take effect only on January 1 of any given year and such date shall be the entry date of such employer.

(b)Before any employer shall adopt a resolution for affiliation and consolidation, which resolution shall propose to accept the proposal of the board as provided in this section, at least sixty percent (60%) of the active contributing members of such other retirement or pension system, excluding retirants, annuitants and pensioners, shall approve in writing such consolidation. The board shall prescribe the manner in which such consent shall be exercised. No resolution for affiliation and consolidation may be adopted by an employer pursuant to the provisions of this act after January 1, 1972.