72-17,108. Supplemental retirement system in cities over 225,000; limitations; investment of salary tax moneys.
72-17,108
72-17,108. Supplemental retirement system in cities over 225,000;limitations; investment of salary tax moneys.The board of any unified district having a population of more than twohundred twenty-five thousand (225,000) is authorized and empowered toestablish by resolution a supplemental retirement system for employeesof such unified district, such retirement or pension system to be inaddition to and to supplement the state system for retirement andpayment of annuities provided for in article 55 of chapter 72 of theKansas Statutes Annotated, such system to provide for the payment ofretirement benefits by reason of disability or on account of age andlength of service or both, subject only to the following limitations:
(a) The total monthly benefits payable to any one annuitant undersuch supplemental retirement system may be graduated but shall notexceed one-half (1/2) the maximum service annuity payable under thestate system.
(b) Each annuitant in order to be eligible for benefits under thisact shall have been employed in the school system of such city not lessthan ten (10) school years and shall have attained the age of sixty-five(65) years except that such system may provide for the payment ofbenefits by reason of disability regardless of age and regardless oflength of service in such system. Such boards of education may providefor the financing of such system out of its general fund and by salarydeductions from all employees in such system but such salary deductionsshall not exceed five percent (5%) of such salaries up to four hundreddollars ($400) per month for each such employee.
(c) The board of education is hereby authorized to invest any moneysderived from the salary tax and not currently needed as provided inK.S.A. 72-17,125, and may be invested in shares or accounts insavings and loan associations insured by the federal saving and loaninsurance corporation, or other federal agency, to the extent covered bysuch insurance.
(d) The term "school system of such city" for the purpose of thissection means the school system of the unified district or the schoolsystem of any disorganized district a part of the territory of which isincluded in such unified district.
(e) None of the provisions of this section shall be so applied orconstrued as to reduce or decrease the benefits of any person havingrights under the provisions of this section at the time of its amendmentby this act.
History: L. 1949, ch. 384, § 1; L. 1951, ch. 402, § 1; L. 1953, ch. 329, § 1;L. 1965, ch. 410, § 31; L. 1967, ch. 385, § 1; L. 1973, ch. 282, § 6; July 1.