72-1759. Employees' retirement fund, unified school district No. 500; assessments; member contributions picked up by board of education; tax levy, use of proceeds; gifts.
72-1759
72-1759. Employees' retirement fund, unified school district No. 500; assessments;member contributions picked up by board of education; tax levy, use ofproceeds; gifts.There shall be a public school employees' retirement fund in unified schooldistrict No. 500, Wyandottecounty, which fund, and themanagement and disbursement thereof, shall be under the control of theboard of education of such school district. Such retirement fund shallbe maintained in the following manner:
First. (a) By an assessment of 6% of every installmentof salary paid to a participating school employee of suchschool district anddeposited in such fund. (b) The board of education, pursuant to theprovisions of section 414(h)(2) of the United States internal revenue code,shall pick up and pay the contributions which would otherwise be payable byparticipating school employees as prescribed in subpart (a) commencing withthe third quarter of 1987. The contributions so picked up shall be treatedas employer contributions for purposes of determining the amounts offederal income taxes to withhold from a participating school employee'scompensation. (c) Participating school employee contributions picked upby the board of education shall be paid from the same source of funds usedfor the payment of compensation to a participating school employee. Adeduction shall be made from each participating school employee'scompensation equal to the amount of the participating school employee'scontributions picked up by the board of education, provided that suchdeduction shall not reduce the participating school employee's compensationfor purposes of computing benefits under the retirement plan. (d)Participating school employee contributions picked up by the board ofeducation shall be credited to a separate account within the schoolemployee's individual account so that amounts contributed by the schoolemployee commencing with the third quarter of 1987 may be distinguishedfrom the school employee contributions picked up by the board of education.
Second. By the setting aside by the board of education of suchschool district and depositing the same in such fund an amount whichshall be determined as follows: (a) The liability of such schooldistrict shall be funded commencing on September 1, 1974, by payments bysuch school district into such fund of the amounts specified in subparts(b) and (c). (b) In the year commencing September 1, 1974, and endingAugust 31, 1975, the sum of $500,000.(c) Prior to July 1, 1975, such board of education shall choose to makethe remaining funding payments either by level annual payments over a 29-yearperiod or by a constant percentage of payrollusing the aggregate cost funding method. The actuary for such retirementplan shall determine the amount of each annual payment or the requiredconstant percentage of payroll under this subpart (c) in accordance withactuarial principles applicable to the payment method so chosen. Suchamounts, and the amounts under subpart (b) and for the purpose of payinga portion of the principal and interest on bonds issued by cities underthe authority of K.S.A. 12-1774, and amendments thereto, forthe financing of redevelopment projects upon property located within theschool district shall be raised by a specialtax levy on the taxable tangible property of such school district, andpaid 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 orthe 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.