13-14a05. Pension funds; designation; tax levies, when; investment of funds.
13-14a05
13-14a05. Pension funds; designation; tax levies, when; investment of funds.
(a) The amount of money derived from taxes levied and all money
received
from assessments, dues and donations for the benefit of such funds
shall
constitute
pension trust funds to be known and designated, respectively, as the
policemen's
pension fund and the firemen's pension fund. Such pension
funds
shall be
devoted exclusively to and for the purposes enumerated in
this section. All
moneys derived from the taxes levied and money received from other
sources
as enumerated in this section shall be paid into the
policemen's
pension fund or the
firemen's pension fund, as the case may be, until the amount in such pension
fund equals the total of the actuarially-determined liabilities which are
attributable to all members in active service and to all persons who are
receiving, or who are entitled to receive in the future, pensions and other
benefits from such fund. Further tax levies shall be made only for the purpose
of maintaining each pension fund at such level.
(b) All moneys accumulated under the provisions of this act shall be
deposited
by the treasurer in the same manner as other city funds, except that the
board of trustees , at their option, may invest any of
such reserve funds
in:
(1) Investments authorized by K.S.A. 12-1675 and amendments
thereto in
the manner prescribed therein ;
(2) direct obligation bonds of the United
States of America maturing, or redeemable, at par and accrued interest,
within three years from date of purchase; or
(3) bonds of any municipality
in the state of Kansas, the total bonded indebtedness of which is less than
15% of the total assessed tangible valuation of
such municipality. Such bonds shall mature within five years
from the
date
of purchase.
History: L. 1945, ch. 111, § 5; L. 1976, ch. 89, § 2; L.
1977,
ch. 54, § 14;
L. 1998, ch. 64, § 5; July 1.