Session of 1998
By Representative Edmonds
            9             AN ACT concerning the Kansas public employees retirement system;
10             relating to purchase service credit; volunteers in service to America.
12       Be it enacted by the Legislature of the State of Kansas:
13           Section 1. Any member may purchase service credit for periods of
14       service in the United States volunteers in service to America (VISTA)
15       which commenced on or after January 1, 1962. The benefit for each such
16       period of service shall be equal to 1.75% of the final average salary of any
17       such member. Such member may purchase such service credit by making
18       application therefor prior to date of retirement at an additional rate of
19       contribution in addition to the employee's rate of contribution as provided
20       in K.S.A. 74-4919 and amendments thereto, based upon the member's
21       attained age at the time of purchase and using actuarial assumptions and
22       tables in use by the retirement system at the time of such purchase. Such
23       additional rate of contribution shall commence at the beginning of the
24       quarter following such election and shall remain in effect until all quarters
25       of such service have been purchased. Any such member may purchase
26       service credit as described in this section by electing to effect such pur-
27       chase by means of a single lump-sum payment in lieu of employee con-
28       tributions as provided in this section in an amount equal to the then
29       present value of the benefits being purchased as determined by the ac-
30       tuary using the member's attained age, annual compensation at the time
31       of purchase and the actuarial assumptions and tables then in use by this
32       system. The lump-sum payment shall be made immediately upon being
33       notified of the amount due. No participating employer shall pay the cost,
34       or any part thereof, of any service credit authorized to be purchased by
35       a member under this section.
36           Sec. 2. This act shall take effect and be in force from and after its
37       publication in the statute book.