72-17,115. Same; members accounts in supplemental retirement fund; payments.
72-17,115
72-17,115. Same; members accounts in supplemental retirement fund;payments.The board shall establish and maintain in the supplemental retirementfund an account for each member of the supplemental retirement system.There shall be credited to such account:
(1) The amount annually contributed by the board based on themember's salary;
(2) a proportionate share of interest received on investments of thefund and of gifts made to the fund, such share to be in the ratio thateach member's account bears to the total of all members' accounts:Provided, That if the terms of any gift provide for a differentdistribution, such gift shall be distributed in accordance with theterms thereof;
(3) in the case of members who were contributing members of theseparate retirement system at the time it was abolished, the residue ofthe separate retirement fund shall be credited to such members' accountsin the ratio that the amount paid for each member bears to the totalamount paid to the state retirement system.
Such account shall be used for the purpose of paying the benefitsupon retirement as provided in subsection (1) of K.S.A. 72-17,111. In caseany member of the supplemental retirement systemshall terminate his employment with the board prior to retirement, orshall die prior to retirement, or shall die prior or subsequent toretirement, such member, his heirs or estate, shall not be entitled toany payments from the supplemental retirement fund by reason of anyamounts credited to his account. Upon the termination of the employmentof any member before retirement, or upon his death either prior to orsubsequent to retirement, the remaining amount credited to his accountmay, under rules and regulations established by the board, bedistributed among the accounts of the remaining members, or credited toa separate account maintained for the purpose of paying retirementbenefits to employees retired because of disability.
History: L. 1951, ch. 409, § 7; June 30.