§ 74-4986p — Termination events

Kansas § 74-4986p

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

Text

(a) A member's participation in the DROP ceases on the occurrence of the earliest of the following:
(1) Termination of the member's active service with a participating employer of the system;
(2) the last day of the member's elected DROP period that begins on the effective date of the member's election to participate in the DROP;
(3) retirement due to disability as defined in K.S.A. 74-4952, and amendments thereto; or
(4) the member's death.
(b) If a member dies before taking a distribution from such member's DROP account, the member's designated beneficiary shall receive a lump-sum payment equal to the member's DROP account balance, including any lump sum credited as provided in K.S.A. 74-4986o(d), and amendments thereto. If the DROP member has not named a beneficiary for such member's DROP account, the amount in the DROP account shall be paid to the beneficiary of the member's retirement benefit.

Legislative History

L. 2015, ch. 77, § 9; L. 2016, ch. 76, § 9; L. 2019, ch. 50, § 6; L. 2023, ch. 46, § 3; April 27.