HB 2407--
Session of 1997
By Representative Ruff

9 AN ACT concerning the Kansas public employees retirement system; 10 relating to purchase of prior service. 11 12 Be it enacted by the Legislature of the State of Kansas: 13 Section 1. Any employee of a participating employer who is a mem- 14 ber of the Kansas public employees retirement system, who was previ- 15 ously employed as an employee of the Leavenworth city-county health 16 department prior to December 31, 1984, may elect to purchase prior 17 service for such employment. The benefit for each such year of employ- 18 ment shall be equal to 1% of the final average salary of any such member. 19 Such member may purchase such prior service by making application 20 therefor prior to the date of retirement at an additional rate of contri- 21 bution in addition to the employee's rate of contribution as provided in 22 K.S.A. 74-4919 and amendments thereto, based upon the member's at- 23 tained age at the time of purchase and using actuarial assumptions and 24 tables in use by the retirement system at the time of such purchase. Such 25 additional rate of contribution shall commence at the beginning of the 26 quarter following such election and shall remain in effect until all quarters 27 of such service have been purchased. Any such member may purchase 28 prior service as described in this section by electing to effect such pur- 29 chase by means of a single lump-sum payment in lieu of employee con- 30 tributions as provided in this section in an amount equal to the then 31 present value of the benefits being purchased as determined by the ac- 32 tuary using the member's attained age, annual compensation at the time 33 of purchase and the actuarial assumptions and tables then in use by this 34 system. The lump-sum payment shall be made immediately upon being 35 notified of the amount due. No participating employer shall pay the cost, 36 or any part thereof, of any prior service authorized to be purchased by a 37 member under this section. 38 Sec. 2. This act shall take effect and be in force from and after its 39 publication in the statute book.