13-14a02. Pension fund for each police and fire department required; creation, maintenance and funding standards; payment from tax levy or employee benefits contribution fund.
13-14a02
13-14a02. Pension fund for each police and fire
department required;
creation, maintenance and funding standards; payment from tax levy or employee
benefits contribution fund.
The governing body of all cities of the first class, maintaining an organized
police department and a fire department, shall establish, maintain and fund
a separate pension fund for each department, which shall be set aside and
used exclusively for the payment of pensions and disability benefits as
authorized in K.S.A. 13-14a01 et seq. and
amendments
thereto. Whenever the amount of any benefit is to be
determined on the basis of actuarial assumptions, the assumptions shall be
specified in a way that precludes employer discretion. Each such pension
fund shall be maintained and funded
in accordance with the minimum funding standards prescribed in K.S.A. 12-5002
and amendments thereto. For the purpose of creating, maintaining and
funding such pension funds,
the governing body of each city of first class is hereby authorized and shall:
(a) Accept gifts, grants, bequests, gratuities or any other money and
credit the same to the pension fund designated by the donor;
(b) levy an assessment against each officer and member of each department
equal to 7% of such
officer's or
member's monthly salary or compensation,
such assessment amount to be deducted from the regular
payroll and
to be transferred into
such pension fund;
(c) place into such funds the proceeds of all lost or
stolen
securities,
money or personal property which remains unclaimed in
possession of
any department of the city for six months, together with the proceeds
of all unclaimed or confiscated property of any nature which
has
been in custody of the police department for a period of six months. The
city is authorized to sell at public auction such
property
and place the proceeds into such pension funds in equal shares;
(d) transfer into such pension funds the unencumbered balance,
including
investments, in any existing pension fund or funds, except that if there
is more than one pension fund existing in such city, then each of
such existing
funds, other than the firemen's and policemen's relief funds,
shall be transferred
into the new pension fund of a like classification. Upon the termination of
any pension fund or funds, the rights of members to benefits accrued at the
date of termination to the extent funded or to the amount in members' accounts
at the date of termination are nonforfeitable;
(e) carry forward the balance in such funds at the close
of
each budget
year as revenue for the next ensuing year;
(f) levy annually at the time for the levying of taxes for city purposes,
a tax upon all of the taxable tangible property in such city
for
each pension
fund to make annual contributions to each pension fund
as required under K.S.A. 12-5002 and amendments thereto and to maintain
and
fund each pension fund
on an actuarial reserve basis in accordance with the provisions of K.S.A.
13-14a05 and amendments thereto. In lieu of levying the tax authorized
in
this section, the annual
contribution required of the city may be paid from any employee benefits
contribution fund established pursuant to K.S.A. 12-16,102 and
amendments thereto; and
(g) administer such funds in the manner required to satisfy the applicable
qualification requirements for governmental plans as specified in the federal
internal revenue code of 1954 or 1986, as in effect on July 1, 2008, and as
applicable for a governmental plan in accordance with the
provisions of K.S.A. 74-49,123 and
amendments thereto.
History: L. 1945, ch. 111, § 2;
L. 1953, ch. 94, § 1;
L. 1970, ch. 77, § 5;
L. 1975, ch. 494, § 17;
L. 1976, ch. 89, § 1;
L. 1978 ch. 67, § 4;
L. 1998, ch. 64, § 4;
L. 2008, ch. 113, § 2; July 1.