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74-49,307 Employer credits; change; employer contributions to death and disability fund.

KS Stat § 74-49,307 (2018) (N/A)
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74-49,307. Employer credits; change; employer contributions to death and disability fund. (a) On a quarterly basis, a percentage of compensation shall be credited to each member's retirement annuity account, as follows:

(1) Three percent of compensation for each member who has less than five years of service;

(2) four percent of compensation for each member who has at least five but less than 12 years of service;

(3) five percent of compensation for each member who has at least 12 but less than 24 years of service; and

(4) six percent of compensation for each member who has 24 or more years of service.

(b) An active member's employer shall contribute a percentage of compensation, determined by the board, which must be allocated to the death and long-term disability plan under K.S.A. 74-4927, and amendments thereto.

(c) The legislature may from time to time prospectively change employer credits provided in this section, and expressly reserves the right to do so.

History: L. 2012, ch. 171, § 7; July 1.

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