§ 74-49,316 — Death and disability benefit coverage

Kansas § 74-49,316

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

Text

(a) Members of the retirement system under the Kansas public employees retirement system act of 2015 shall be covered in the death and disability plan in accordance with K.S.A. 74-4927, and amendments thereto, but subject to the provisions of this section.
(b) (1) In the event that a member becomes eligible for and begins receiving a long-term disability benefit under the plan, such member shall be given participating service credit for the entire period of such disability. Such member's annuity savings account and retirement annuity account shall be credited with the amount of employee contributions and employer credits and interest credits prescribed in this act for the entire period of such disability, but no later than the time prescribed by subsection (3).
(2) The salary upon which credits to such member's annuity savings account and retirement annuity account are based shall be the employee's salary at the time of disability, which shall be adjusted once each year on January 1, but only after five years of disability, by the lesser of: (A) The percentage increase in the consumer price index for all urban consumers as published by the bureau of labor statistics of the United States department of labor measured in the prior November, minus 1%; or (B) 4% per annum.
(3) All credits to the annuity savings account and the retirement annuity account shall cease upon the earliest of:
(A) Death;
(B) attainment of normal retirement age; or
(C) the date the member is no longer entitled to receive disability benefits pursuant to law or the terms of the plan as established by the board.

Legislative History

L. 2012, ch. 171, § 16; July 1.