72-1761a. Annuity payment options.

72-1761a

Chapter 72.--SCHOOLS
Article 17.--SUPPLEMENTAL RETIREMENT SYSTEMS

      72-1761a.   Annuity payment options.Any school employee may elect to have his school annuity paid under oneof the options provided in this section in lieu of having it paid asprovided by K.S.A. 72-1761 and any amendments thereto. Such election mustbe made at least one (1) year before date of actual retirement unless theschool employee submits evidence, satisfactory to the board, of his goodhealth: Provided, That if option A is elected, and the spouse or adependent of the member is named joint annuitant, such good healthrequirement will be waived. A specific person must be designated as jointannuitant at the time of election of option A or B.

      The amount of retirement benefit payable under an option shall be basedon the age and sex of the school employee and, if applicable, the age andsex of the joint annuitant, and shall be such amount as to be the actuarialequivalent of the school annuity otherwise provided.

      The retirement options are:

      Option A. Joint and one-half to joint annuitant survivor. A reducedannuity is payable to the annuitant during his lifetime with one-half (1/2)of that amount continued to his joint annuitant during such jointannuitant's remaining lifetime, if any, after the death of the annuitant.

      Option B. Joint and survivor. A reduced annuity is payable to theannuitant during his lifetime with that amount continued to the jointannuitant during the joint annuitant's remaining lifetime, if any, afterthe death of annuitant.

      Option C. Life with ten years certain. A reduced annuity is payableto the annuitant during his lifetime and if he dies within the ten-yearcertain period, measured from the commencement of annuity payments, suchpayments will be continued to his beneficiary during the balance of theten-year certain period.

      If a school employee, who is eligible to retire, dies without havingactually retired, the school employee's spouse, if the spouse isbeneficiary for the school employee's accumulated contributions, may electto receive benefits as a joint annuitant under option A, calculated as ifthe school employee retired on date of death, in lieu of receiving theschool employee's accumulated contributions.

      Annuities payable to a joint annuitant shall accrue from the first dayof the month following the death of a school employee or annuitant and, inthe case of option A and option B, shall end on the first day of the monthin which the joint annuitant dies.

      History:   L. 1967, ch. 384, § 7; July 1.