HB 2517--
Session of 1997
By Committee on Appropriations

9 AN ACT concerning the Kansas public employees retirement system; 10 relating to purchase of additional benefits; amending K.S.A. 1996 11 Supp. 74-4936a and repealing the existing section. 12 13 Be it enacted by the Legislature of the State of Kansas: 14 Section 1. K.S.A. 1996 Supp. 74-4936a is hereby amended to read 15 as follows: 74-4936a. Any employee of a participating employer who is a 16 member of the Kansas public employees retirement system, who was 17 previously employed in a teaching position with a public school system of 18 another state, in a foreign teaching service in an overseas dependents' 19 school, in a recognized teacher exchange program or in any program 20 where a teacher is chosen by the Kansas department of education to teach 21 in a foreign country and which service otherwise meets the requirements 22 of an employee as prescribed in subsection (14) of K.S.A. 74-4902 or 23 subsection (4) of K.S.A. 74-4932 and amendments thereto may elect to 24 purchase prior service credit for such out-of-state public school or over- 25 seas teaching employment. For any application to purchase service credit 26 as provided in the section submitted on or after July 1, 1997, the benefit 27 for each such year of employment shall be equal to 1% 1.75% of the final 28 average salary of any such member. Such member may purchase such 29 prior service credit by making application therefor prior to date of retire- 30 ment at an additional rate of contribution in addition to the employee's 31 rate of contribution as provided in K.S.A. 74-4919 and amendments 32 thereto, based upon the member's attained age at the time of purchase 33 and using actuarial assumptions and tables in use by the retirement sys- 34 tem at the time of such purchase. Such additional rate of contribution 35 shall commence at the beginning of the quarter following such election 36 and shall remain in effect until all quarters of such service have been 37 purchased. Any such member may purchase such prior service credit as 38 described in this section by electing to effect such purchase by means of 39 a single lump-sum payment in lieu of employee contributions as provided 40 in this section in an amount equal to the then present value of the benefits 41 being purchased as determined by the actuary using the member's at- 42 tained age, annual compensation at the time of purchase and the actuarial 43 assumptions and tables then in use by this system. The lump-sum pay- HB 2517

 1  ment shall be made immediately upon being notified of the amount due.
 2  No participating employer shall pay the cost, or any part thereof, of any
 3  prior service credit authorized to be purchased by a member under this
 4  section.
 5    Sec. 2.  K.S.A. 1996 Supp. 74-4936a is hereby repealed.
 6    Sec. 3.  This act shall take effect and be in force from and after its
 7  publication in the statute book.