74-4909. Powers and duties of board and investment committee; rules and regulations; accounts and records system; meetings, open to public, record; actuarial data; investments; financial statement; confidentiality of member's account and records, exception; plan for internal management of investment and reinvestment of fund; procurement policies; contracts; travel authorization. (1) The board of trustees shall be responsible for the general administration of the system, subject to the provisions of this act.
(2) The board shall establish rules and regulations for the administration of the system and for the transaction of business consistent with law, which rules and regulations shall be filed in the office of the secretary of state.
(3) The board shall be responsible for the installation of a complete and adequate system of accounts and records. The board shall contract with the department of administration to provide such accounting services as are necessary to avoid duplication of efforts and promote efficiency. The board shall pay the department of administration an amount not exceeding the actual cost incurred in providing this service, which payments shall be deposited in the state treasury and then credited to the state general fund.
(4) All meetings of the board shall be open to the public. The board shall keep a record of all proceedings.
(5) The board may prescribe rules and regulations for the determination of the value of maintenance, board, lodging, laundry and other allowances to employees in lieu of money.
(6) The board may adopt all necessary actuarial tables to be used in the operation of the system as recommended by the actuary, and may compile such additional data as may be necessary for required actuarial valuations and calculations. Whenever the amount of any benefit is to be determined on the basis of actuarial assumptions, the assumptions specified by the board in a way that precludes employer discretion.
(7) Subject to the provisions of K.S.A. 74-49,123, and amendments thereto, the board or the investment committee may invest all cash not required for current payments in securities eligible for investment under this act. All actions of the investment committee shall be reported to the board at the first meeting of the board following the action of the investment committee.
(8) The board, as soon after the close of the fiscal year as practical, shall publish for distribution among members a financial statement showing the financial status of the system.
(9) All decisions of the board as to questions of fact shall be final and conclusive on all persons except for the right of review as provided by law and except for fraud or such gross mistake of fact as to have an effect equivalent to fraud.
(10) Each member's account and records shall be administered in a confidential manner and specific data regarding the member shall not be released unless authorized in writing by the member; however, the board may release information to the employer or to other state and federal agencies as the board deems necessary.
(11) The board shall develop and adopt a specific plan which outlines strategies, goals, procedures and related costs, including additional employees necessary to carry out the provisions of this subsection, to provide for the system's internal management of the investment and reinvestment of moneys of the fund as provided in K.S.A. 74-4921, and amendments thereto. Such internal management would replace the management of all or part of the fund by persons the board has contracted with as provided in K.S.A. 74-4921(7), and amendments thereto. The board shall report such plan developed pursuant to this subsection to the legislature and the governor on or before January 1, 1993.
(12) The board shall adopt rules and regulations providing the requirements and procedures for the election of members of the board by members and retirants of the system as provided in K.S.A. 74-4905(a)(2), and amendments thereto, and for the filling of any vacancy involving such elected member of the board.
(13) The board shall cooperate with and provide any assistance to the actuary, the legislative coordinating council and the joint committee on pensions, investments and benefits related to the independent actuarial audit and evaluation as provided in K.S.A. 74-4908a, and amendments thereto.
(14) The board shall be responsible for the administration of the Kansas public employees deferred compensation plan and all related functions as prescribed in K.S.A. 74-4911f, 74-49b01 through 74-49b06, and amendments thereto, and the Kansas public employees deferred compensation act, K.S.A. 74-49b07 et seq., and amendments thereto.
(15) The board is hereby authorized and empowered, in the exercise of its fiduciary duty to act in the best interest of the Kansas public employees retirement fund, and in the maintenance of transparency in state government, to:
(a) Develop policies and procedures generally applicable to the procurement of goods and services, based upon sound business practices;
(b) make and enter into contracts and agreements necessary or incidental to the performance of its duties and the execution of its powers under this act in a manner consistent with the professional services sunshine act, K.S.A. 75-37,130 through 75-37,135, and amendments thereto; and
(c) authorize in-state and out-of-state travel for trustees and employees of the system in accordance with the provisions of K.S.A. 75-3203a, and amendments thereto.
History: L. 1961, ch. 427, § 9; L. 1963, ch. 412, § 4; L. 1974, ch. 336, § 1; L. 1982, ch. 319, § 16; L. 1988, ch. 366, § 22; L. 1992, ch. 218, § 6; L. 1995, ch. 267, § 31; L. 1998, ch. 64, § 27; L. 2007, ch. 74, § 7; L. 2019, ch. 50, § 2; July 1.
Structure Kansas Statutes
Chapter 74 - State Boards, Commissions And Authorities
Article 49 - Public Employees Retirement Systems
74-4903 System established; powers and duties.
74-4906 Board of trustees; meetings; quorum; compensation.
74-4907 Principal office of system; records, inspection; annual report.
74-4909b KPERS board; fee charged for investment and management services.
74-4910a Kansas advocacy board as eligible employer.
74-4911a Validity of certain elections not to participate; effective date.
74-4911d Membership election for certain persons employed on June 17, 1983; procedure; effect.
74-4912 Consolidation of other systems with state system; resolution; requirements.
74-4913 Credited service; prior service credit; participating service credit.
74-4914b Same; application of 74-4901 to 74-4929.
74-4914d Certain employees of department of corrections; employer contribution rate.
74-4915a Retirement benefits for members ineligible due to a reduction in hours.
74-4915c Retirement benefits for certain elected local officials; exceptions; service credit.
74-4918a Retirement benefit options; spousal consent; statement required.
74-4919a Purchase of participating service credit.
74-4919b Reinstatement of service for certain forfeited service.
74-4919e Revocation of election; new election after termination and withdrawal.
74-4919f Election to repurchase; lump-sum payment; determination of amount.
74-4919j Purchase of participating service credit for service as an elected official.
74-4919l Repurchase of previously forfeited service credit.
74-4919m Purchase of participating service by previous TIAA-CREF members.
74-4919n Purchase of additional benefits for nonfederal governmental employment.
74-4919p Purchase of prior service for certain service in the United States peace corps.
74-4919r Purchase of service for in-state nonfederal governmental employment.
74-4919s Purchase of service for VISTA service.
74-4919v Purchase of participating service credit for certain journeyman service as teacher.
74-4922 Reserves of the fund; crediting of interest.
74-4924a Recovery of benefits inadvertently paid to certain retirants.
74-4925a Benefits granted to certain surviving spouses.
74-4925b Regents employees; contribution of portion of compensation to retirement plan; eligibility.
74-4925e Same; employer contribution rate for retirement plan.
74-4925g Certain regent retirants designated as special members.
74-4927d Optional death benefit plan eligibility for active members of judges' retirement system.
74-4928 Eligibility for membership of certain persons; conditions.
74-4929 Requirement to become affiliated when municipal consolidations occur.
74-4930 Employer contributions; when certain additional costs reflected.
74-4931 Eligible employers; participating employers; entry date.
74-4931a Kansas state high school activities association, eligible employer.
74-4931b Same; payment of contributions; benefits of membership conferred.
74-4936 Credited service; prior service credit; participating service credit.
74-4938 Retirement benefits; annual benefits; vested benefits; minimum benefits.
74-4939 Employee and employer contributions; certification of employer rate and information.
74-4940 Compensation of members in school employment; times of payment.
74-4942 Payment to qualify as employee of certain former suspended annuitants.
74-4944 Same; funding of increase; past service cost.
74-4945 Increase in retirement benefits for certain persons; schedule; past service cost.
74-4950h Postretirement benefit increase for certain retirants of state school retirement system.
74-4950i Postretirement benefit increase for payment after June 30, 1998, for certain retirants.
74-4954a Emergency medical service technicians; defined as fireman; affiliation by county or city.
74-4960 Disability benefits; procedures and reports.
74-4964 Retirement benefit options; elections of member and spouse; joint annuitants.
74-4968 Retirement fund; investments; reserves.
74-4970 Application for benefits; time limitation.
74-4971 Entry of Kansas highway patrol into system.
74-4972 Definition of "patrolman" and "patrolmen."
74-4976 Employer contributions; included in budget; exception for first year.
74-4977 Termination of employment; conditions for prior service credit upon returning to employment.
74-4978 Certain patrolmen not affected by act.
74-4978a Entry date for Kansas highway patrol for certain patrolmen.
74-4978c Exception to definition of "final average salary."
74-4978e Application of certain laws to members electing under 74-4978b.
74-4978h Employee contributions of special members.
74-4979 Entry of Kansas bureau of investigation into system.
74-4980 Definition of "agent."
74-4984 Employer contributions; included in the budget; exception for first year.
74-4985 Termination of employment; conditions for prior service credit upon returning to employment.
74-4986 Certain agents not affected by act.
74-4986b Preservation of entitlement to receive pension or other benefit from KBI pension fund.
74-4986d Increase in retirement benefits for certain persons; schedule.
74-4986e Same; increases accrue from July 1, 1973.
74-4986g Same; application for affiliation; credited service.
74-4986h Same; election to become a member by a university police officer.
74-4986i Same; application of 74-4951 through 74-4970; employee contributions; deductions.
74-4986j Same; employer contributions.
74-4986k Deferred retirement option program.
74-4986l Deferred retirement option program (DROP); definitions.
74-4986m Same; interest credits.
74-4986n Same; election; requirements; continued service.
74-4986p Same; termination events.
74-4989 Lump-sum death benefit for retirants.
74-4996 Same; act supplemental to Kansas public employees retirement act; first retirement date.
74-4998 Same; rights under act; waiver of rights under 46-1301.
74-4998c Same; contributions; deductions; employer pickup of member contributions.
74-4998d Same; retirement benefits; final average salary; retirement benefit options.
74-4998e Same; retirement benefits; vesting, application.
74-4998f Same; employer contributions; determination and payment.
74-4998g Elected state official provision supplemental to KPERS act.
74-49,101 Request for appropriation for employer contribution; rate for fiscal 1976.
74-49,102 Employee contributions for members and special members under 74-4999; payroll deductions.
74-49,107 Administration of official court reporters retirement system by KPERS board.
74-49,108 Nonjudicial personnel of state court system; credited service for eligible personnel.
74-49,108a Application of 74-4999 et seq. to certain court reporters.
74-49,110 Retirant dividend payment reserve in KPERS fund; annual credits.
74-49,112 Same; payments to local school annuitants.
74-49,113 Retirant dividend payments; payments to insured disability benefit recipients.
74-49,114a Retirant dividend payment October 1, 2000, for certain retirants.
74-49,114b Retirant dividend payment, October 1, 2007, for certain retirants.
74-49,114c Retirant dividend payment, October 1, 2008, for certain retirants.
74-49,116 Payments due system by participating employer who employs retirant.
74-49,117 Benefits on behalf of full-time students.
74-49,125 Benefit increases; application of 74-49,123.
74-49,127 Payments to beneficiaries.
74-49,128 Nature of certain benefits; not regulated by insurance department.
74-49,134 Member election for contributions and benefits.
74-49,135 Member election related to member contributions and benefits.
74-49,136 Financial compliance audits; selection of firm.
74-49,203 Membership, new and non-vested employees; election by certain members.
74-49,204 Normal retirement date; application to school employment.
74-49,207 Security officers; normal retirement date; early retirement.
74-49,208 Vesting of benefits.
74-49,209 Retirement benefit options, election by member or spouse; determination of benefit.
74-49,210 Member contributions.
74-49,211 Employer contributions.
74-49,212 Adjustment of employee rate of contribution; circumstances.
74-49,304 Powers and duties of board.
74-49,305 Member contributions.
74-49,307 Employer credits; change; employer contributions to death and disability fund.
74-49,314 Application of federal internal revenue code to benefit payments.
74-49,315 Determination of beneficiary; lump-sum death benefit for retirants.