12-5004.   Abolition of local plans upon affiliation with KP&Fsystem; transfer of assets to Kansas public employees retirement fund;credit of contributions; authorizing transfer endorsements, transfer ofpowers and duties to KPERS board of trustees.(a) On the entry date of the city which is affiliating with the Kansaspolice and firemen's retirement system with regard to all active membersand retired members of a local police or fire pension plan as providedin K.S.A. 74-4954, such local police or fire pension plan is hereby abolishedand such city is hereby authorized to transfer and shall transfer all moneysand other assets in such local police or fire pension plan to the Kansaspublic employees retirement fund created by K.S.A. 74-4921. For the purposesof all assets other than money, such transfer shall be at the market valueof such assets at the close of business on the date of transfer, which shallbe the bid price as quoted by a nationally recognized government bond dealer.

      (b)   On said entry date and as a part of the transfer of moneys andother assets of such local police or fire pension plan to the Kansaspublic employees retirement fund, the accounts in the Kansas publicemployees retirement fund of the active members and retired members ofsuch local police or fire pension plan who become members or specialmembers of the Kansas police and firemen's retirement system pursuant tothis act, shall be credited with the contributions in their respectiveaccounts in such local police or fire pension plan.

      (c)   On and after said entry date, the board of trustees may executetransfer endorsements for any stock or security which was transferredfrom such local police or fire pension plan to the Kansas publicemployees retirement fund pursuant to subsection (a). Any suchendorsement may be made either in the name of the Kansas publicemployees retirement fund or in the name of such local police or firepension plan.

      (d)   On said entry date, the governing body which was established toadminister such local police or fire pension plan, is hereby abolishedand all of the powers, duties and functions of said governing body arehereby transferred to and conferred and imposed upon the board oftrustees of the Kansas public employees retirement system for thepurposes of all active members and retired members of such local policeor fire pension plan who become special members of the Kansas police andfiremen's retirement system as provided in K.S.A. 12-5005.

      (e)   On and after said entry date, whenever such local police or firepension plan is referred to or designated by a statute or contract orother document, such reference shall be deemed to apply to the Kansaspublic employees retirement fund.

      (f)   On and after said entry date, whenever the governing body ofsuch local police or fire pension plan is referred to or designated by astatute or contract or other document, such reference shall be deemed toapply to the board of trustees of the Kansas public employees retirementsystem.

      History:   L. 1976, ch. 348, § 4; July 1.