71-212. Early retirement incentive programs; establishment authorized; purposes; payment limitations; program report required.
71-212
71-212. Early retirement incentive programs;establishment authorized; purposes; payment limitations; program reportrequired.(a) The board of trustees of any community college may establish anearlyretirement incentive program for the benefit of the employees of thecommunity college for retirement of employees prior tothenormal retirement age of 65 years. As used in this act, an "early retirementincentive program" is a program that provides cash payments, either inthe form of a lump-sum payment at the beginning of the fiscal year, orin regular payments during the fiscal year.No payment pursuant to an early retirement incentive program as provided inthis section shall be made prior to the retirement under the provisions of theKansas public employees retirement system of any such employee of the communitycollege.
(b) Commencing in the fiscal year that commenced in calendar year2002and every three years thereafter, each board that has established an earlyretirement incentive program shall prepare and submit a report to the stateboard of regents related to such early retirement incentive program. Suchreport shall contain: (1) Three years of budget data of such program, includingactual costs, and a current year and future years' budget data for three tofive years; (2) current costs and benefits of such program and projected costsand benefits of such program for three to five years; (3) current and projectednumber of participants in such program; and (4) such other information asrequired by the state board of regents. The state board of regents shall designand distribute forms to carry out the provisions of this act to the board oftrustees of each community college that has established an early retirementincentive program. The state board of regents shall compile and prepare asummary report which shall be submitted to the joint committee on pensions,investments and benefits no later than January 1 of the year that follows theend of the fiscal year in which the reporting is required as provided in thissubsection.
History: L. 1981, ch. 267, § 1;L. 1994, ch. 293, § 5;L. 1996, ch. 266, § 3;L. 1999, ch. 171, § 1;L. 2002, ch. 63, § 1; July 1.