72-5512b. Computation and payment of certain remaining state obligations; required assumptions and conditions of payment; payment from state general fund.
72-5512b
72-5512b. Computation and payment of certain remaining stateobligations; required assumptions and conditions of payment; payment fromstate general fund.On September 1, 1974, and March 1, 1975, the board of trustees of theKansas public employees retirement system shall make such semiannualpayments as would be required under former K.S.A. 72-5512a (repealed bythis act) if said statute were not repealed. The actuary for Kansas publicemployees retirement system shall compute the remaining obligation of thestate for employees remaining under the separate retirement systemauthorized by K.S.A. 72-1758 to 72-1769, inclusive, under former K.S.A.72-5512a (repealed by this act) effective September 1, 1974, if saidstatute were not repealed. In making such computation, the actuary shalluse the actuarial evaluation as of August 31, 1973, as submitted to thelegislative budget committee adjusted for deaths occurring before September1, 1974, and transfers of employees to the Kansas public employeesretirement system under this act. In making such computation, the actuaryshall use an interest assumption of six percent (6%), an assumed averageretirement age of sixty-four (64) years and other actuarial assumptions inforce for the Kansas public employees retirement system on September 1,1974. Such actuary shall determine the level annual payments over a periodof ten (10) years commencing on July 1, 1975, to retire such remainingobligation. The board of trustees of Kansas public employees retirementsystem shall include in its annual budget request an amount to make suchpayments on September 1 of each year commencing in 1975. Such board oftrustees shall approve vouchers to be paid from appropriations from thestate general fund for the purposes specified in this section.
History: L. 1974, ch. 293, § 4; July 1.