Kansas § 74-49,307 Employer credits; change; employer contributions to death and disability fund

Kansas Statutes

§ 74-49,307 — Employer credits; change; employer contributions to death and disability fund

Kansas·Ch. 74 STATE BOARDS, COMMISSIONS AND AUTHORITIES·Art. 49 PUBLIC EMPLOYEES RETIREMENT SYSTEM

(a)On a quarterly basis, a percentage of compensation shall be credited to each member's retirement annuity account, as follows:

(1)Three percent of compensation for each member who has less than five years of service;

(2)four percent of compensation for each member who has at least five but less than 12 years of service;

(3)five percent of compensation for each member who has at least 12 but less than 24 years of service; and

(4)six percent of compensation for each member who has 24 or more years of service.

(b)An active member's employer shall contribute a percentage of compensation, determined by the board, which must be allocated to the death and long-term disability plan under K.S.A. 74-4927, and amendments thereto.

(c)The legislature may from time to time prospectively change

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(a) On a quarterly basis, a percentage of compensation shall be credited to each member's retirement annuity account, as follows:
(1) Three percent of compensation for each member who has less than five years of service;
(2) four percent of compensation for each member who has at least five but less than 12 years of service;
(3) five percent of compensation for each member who has at least 12 but less than 24 years of service; and
(4) six percent of compensation for each member who has 24 or more years of service.
(b) An active member's employer shall contribute a percentage of compensation, determined by the board, which must be allocated to the death and long-term disability plan under K.S.A. 74-4927, and amendments thereto.
(c) The legislature may from time to time prospectively change employer credits provided in this section, and expressly reserves the right to do so.

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