72-2671. Employees' retirement fund, unified school district No. 500; assessments; member contributions picked up by board of education; tax levy, use of proceeds; gifts. There shall be a public school employees' retirement fund in unified school district No. 500, Wyandotte county, which fund, and the management and disbursement thereof, shall be under the control of the board of education of such school district. Such retirement fund shall be maintained in the following manner:
First. (a) By an assessment of 6% of every installment of salary paid to a participating school employee of such school district and deposited in such fund. (b) The board of education, pursuant to the provisions of section 414(h)(2) of the United States internal revenue code, shall pick up and pay the contributions which would otherwise be payable by participating school employees as prescribed in subpart (a) commencing with the third quarter of 1987. The contributions so picked up shall be treated as employer contributions for purposes of determining the amounts of federal income taxes to withhold from a participating school employee's compensation. (c) Participating school employee contributions picked up by the board of education shall be paid from the same source of funds used for the payment of compensation to a participating school employee. A deduction shall be made from each participating school employee's compensation equal to the amount of the participating school employee's contributions picked up by the board of education, provided that such deduction shall not reduce the participating school employee's compensation for purposes of computing benefits under the retirement plan. (d) Participating school employee contributions picked up by the board of education shall be credited to a separate account within the school employee's individual account so that amounts contributed by the school employee commencing with the third quarter of 1987 may be distinguished from the school employee contributions picked up by the board of education.
Second. By the setting aside by the board of education of such school district and depositing the same in such fund an amount which shall be determined as follows: (a) The liability of such school district shall be funded commencing on September 1, 1974, by payments by such school district into such fund of the amounts specified in subparts (b) and (c). (b) In the year commencing September 1, 1974, and ending August 31, 1975, the sum of $500,000. (c) Prior to July 1, 1975, such board of education shall choose to make the remaining funding payments either by level annual payments over a 29-year period or by a constant percentage of payroll using the aggregate cost funding method. The actuary for such retirement plan shall determine the amount of each annual payment or the required constant percentage of payroll under this subpart (c) in accordance with actuarial principles applicable to the payment method so chosen. Such amounts, and the amounts under subpart (b) and for the purpose of paying a portion of the principal and interest on bonds issued by cities under the authority of K.S.A. 12-1774, and amendments thereto, for the financing of redevelopment projects upon property located within the school district shall be raised by a special tax levy on the taxable tangible property of such school district, and paid into such fund as tax proceeds are received, and none of the debt, budget or tax limitations provided by law shall apply to such levy or the proceeds thereof.
Third. By the receipt, by gift or otherwise of any real, personal, or mixed property, or any interest therein.
History: L. 1939, ch. 264, § 2; L. 1955, ch. 317, § 1; L. 1957, ch. 391, § 1; L. 1974, ch. 293, § 1; L. 1979, ch. 52, § 170; L. 1987, ch. 299, § 7; July 1.
Structure Kansas Statutes
Article 26 - School District Employee Retirement Systems
72-2625 School employees savings fund; state school retirement fund; transfers; uses.
72-2626 Service records of school employees; establishment of membership, conditions.
72-2627 Same; certificate of service record; failure to file annuity claim.
72-2630 Disability annuity; medical examinations; return to service.
72-2632 Deductions from salary; disposition of moneys; how credited.
72-2633 Same; contracts deemed to include.
72-2634 Same; permanent reserves; investment; interest prorated.
72-2636 Same; increases inclusive of increases provided by K.S.A. 74-4943.
72-2637 Same; payments made under K.S.A. 72-5512a under provisions of school retirement system.
72-2638 Quitting service before age sixty.
72-2639 Refund upon quitting service, when; return to service.
72-2640 Death of school employee; refunds.
72-2641 Limitation of actions to recover refund or installment; qualifying conditions.
72-2643 Unassignability; exemptions.
72-2645 Ad valorem tax prohibited.
72-2646 Right to amend act reserved.
72-2648 Income tax exemption of school annuities.
72-2661 Teacher's retirement fund; assessments; tax levy, use of proceeds; gifts.
72-2662 Same; disbursement and investment of fund.
72-2663 Same; retirement conditions.
72-2664 Same; disability or incapacity; reinstatement.
72-2665 Same; refunds; transfers to another city operating under this act; payment to heirs, when.
72-2666 Same; teacher defined.
72-2667 Same; fund kept separate; disbursement.
72-2668 Same; exemption of salary and waiver of benefits; time for requesting.
72-2669 Same; rules and regulations.
72-2670 Employees' retirement fund in certain cities between 120,000 and 200,000; definitions.
72-2674 Same; retirement and payment of employees; conditions; rules and regulations.
72-2675 Annuity payment options.
72-2676 Same; disability annuities; medical examinations.
72-2677 Same; application of act.
72-2678 Same; refunds; deferred annuities; limitation on claims.
72-2679 Same; credit for service in armed forces; payment of contributions.
72-2680 Same; fund kept separate; disbursement.
72-2681 Same; employees unable to qualify exempt from assessment; authority of board of education.
72-2682 Same; limitations on employment.
72-2683 Same; payments exempt from execution.
72-2684 Same; annuities exempt from income tax.
72-2685 Same; rules and regulations.
72-2687 Retirement fund, certain cities; assessments; tax levy, use of proceeds; gifts.
72-2689 Same; retirement and payment of employees; conditions.
72-2690 Same; retirement and payment on account of disability, when; reinstatement.
72-2691 Same; refund to employee; voluntary retirement; payment to heirs, when.
72-2692 Same; fund kept separate; disbursement.
72-2693 Same; employee defined.
72-2694 Same; rules and regulations.
72-2696 Same; disbursement and investment of fund.
72-2697 Same; retirement and payment; conditions.
72-2698 Same; retirement and payment on account of disability, when; reinstatement.
72-26,100 Same; teacher and other public school employee defined.
72-26,101 Same; fund kept separate; disbursement.
72-26,102 Same; exemption of salary and waiver of benefits; time for requesting.
72-26,103 Same; rules and regulations.
72-26,104 Same; retirement funds under K.S.A. 72-1726 to 72-1734 and K.S.A. 72-1780 to 72-1787.
72-26,106 Same; disbursement and investment of fund.
72-26,107 Same; retirement and payment; conditions.
72-26,110 Same; teacher and other public school employee defined.
72-26,111 Same; fund kept separate; disbursement.
72-26,112 Same; exemption of salary and waiver of benefits; time for requesting.
72-26,113 Same; rules and regulations.
72-26,115 Certain retirement systems; definitions.
72-26,116 Same; abolishment and membership in state school retirement system; procedure and rights.
72-26,117 Same; supplemental retirement system for members of state system; limitations.
72-26,118 Same; supplemental retirement fund; credits, custody and investment.
72-26,119 Same; supplemental retirement system; tax levy, use of proceeds.
72-26,120 Same; annuities and obligations to retired members; tax levy, use of proceeds.
72-26,121 Same; members accounts in supplemental retirement fund; payments.
72-26,122 Same; rules and regulations.
72-26,123 Certain retirement systems; "board of education" defined.
72-26,126 Same; residues; tax levy, use of proceeds; interest from investments.
72-26,127 Same; investment of fund.
72-26,128 Same; retirement benefits exempt from income tax.
72-26,129 Same; issuance of no-fund warrants, when; payment.
72-26,130 Same; refunds authorized in certain cases.
72-26,132 Same; policies for investment of fund; formulation and review.
72-26,133 Same; contracts with financial advisors authorized; payment for services; fidelity bond.
72-26,134 Same; reliance on legal opinions.
72-26,135 Same; custody of fund; payment for services of banks, trust companies.
72-26,136 Same; reports; monthly records.
72-26,137 Same; annual examination of investment program.
72-26,138 Certain districts; retirement systems.
72-26,139 Increased retirement payments for certain districts, when.