Session of 2000
By Senator Hensley

  9             AN  ACT concerning the Kansas public employees retirement system;
10             authorizing purchase of prior service for certain persons.
12       Be it enacted by the Legislature of the State of Kansas:
13             Section  1. Any member may purchase service for periods of service
14       in an international public service program sponsored or administered by
15       a federal agency. At the election of the member, the benefit for each such
16       period of service shall be equal to either 1% or 1.75% of the final average
17       salary of any such member. Such member may purchase such service by
18       making application therefor prior to date of retirement at an additional
19       rate of contribution in addition to the employee's rate of contribution as
20       provided in K.S.A. 74-4919 and amendments thereto, based upon the
21       member's attained age at the time of purchase and using actuarial as-
22       sumptions and tables in use by the retirement system at the time of such
23       purchase. Such additional rate of contribution shall commence at the
24       beginning of the quarter following such election and shall remain in effect
25       until all quarters of such service have been purchased. Any such member
26       may purchase service as described in this section by electing to effect
27       such purchase by means of a single lump-sum payment in lieu of em-
28       ployee contributions as provided in this section in an amount equal to the
29       then present value of the benefits being purchased as determined by the
30       actuary 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 authorized to be purchased by a mem-
35       ber under this section.
36        Sec.  2. This act shall take effect and be in force from and after its
37       publication in the Kansas register.