12-5004.Abolition of local plans upon affiliation with KP&F
system; transfer of assets to Kansas public employees retirement fund;
credit of contributions; authorizing transfer endorsements, transfer of
powers and duties to KPERS board of trustees.
(a) On the entry date of the city which is affiliating with the Kansas
police and firemen's retirement system with regard to all active members
and retired members of a local police or fire pension plan as provided
in K.S.A. 74-4954, such local police or fire pension plan is hereby abolished
and such city is hereby authorized to transfer and shall transfer all moneys
and other assets in such local police or fire pension plan to the Kansas
public employees retirement fund created by K.S.A. 74-4921. For the purposes
of all assets other than money, such transfer shall be at the market value
of such assets at the close of business on the date of transfer, which shall
be 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 and
other assets of such local police or fire pension plan to the Kansas
public employees retirement fund, the accounts in the Kansas public
employees retirement fund of the active members and retired members of
such local police or fire pension plan who become members or special
members of the Kansas police and firemen's retirement system pursuant to
this act, shall be credited with the contributions in their respective
accounts in such local police or fire pension plan.
(c) On and after said entry date, the board of trustees may execute
transfer endorsements for any stock or security which was transferred
from such local police or fire pension plan to the Kansas public
employees retirement fund pursuant to subsection (a). Any such
endorsement may be made either in the name of the Kansas public
employees retirement fund or in the name of such local police or fire
pension plan.
(d) On said entry date, the governing body which was established to
administer such local police or fire pension plan, is hereby abolished
and all of the powers, duties and functions of said governing body are
hereby transferred to and conferred and imposed upon the board of
trustees of the Kansas public employees retirement system for the
purposes of all active members and retired members of such local police
or fire pension plan who become special members of the Kansas police and
firemen's retirement system as provided in K.S.A. 12-5005.
(e) On and after said entry date, whenever such local police or fire
pension plan is referred to or designated by a statute or contract or
other document, such reference shall be deemed to apply to the Kansas
public employees retirement fund.
(f) On and after said entry date, whenever the governing body of
such local police or fire pension plan is referred to or designated by a
statute or contract or other document, such reference shall be deemed to
apply to the board of trustees of the Kansas public employees retirement
system.
12-5004.Abolition of local plans upon affiliation with KP&F
system; transfer of assets to Kansas public employees retirement fund;
credit of contributions; authorizing transfer endorsements, transfer of
powers and duties to KPERS board of trustees.
(a) On the entry date of the city which is affiliating with the Kansas
police and firemen's retirement system with regard to all active members
and retired members of a local police or fire pension plan as provided
in K.S.A. 74-4954, such local police or fire pension plan is hereby abolished
and such city is hereby authorized to transfer and shall transfer all moneys
and other assets in such local police or fire pension plan to the Kansas
public employees retirement fund created by K.S.A. 74-4921. For the purposes
of all assets other than money, such transfer shall be at the market value
of such assets at the close of business on the date of transfer, which shall
be 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 and
other assets of such local police or fire pension plan to the Kansas
public employees retirement fund, the accounts in the Kansas public
employees retirement fund of the active members and retired members of
such local police or fire pension plan who become members or special
members of the Kansas police and firemen's retirement system pursuant to
this act, shall be credited with the contributions in their respective
accounts in such local police or fire pension plan.
(c) On and after said entry date, the board of trustees may execute
transfer endorsements for any stock or security which was transferred
from such local police or fire pension plan to the Kansas public
employees retirement fund pursuant to subsection (a). Any such
endorsement may be made either in the name of the Kansas public
employees retirement fund or in the name of such local police or fire
pension plan.
(d) On said entry date, the governing body which was established to
administer such local police or fire pension plan, is hereby abolished
and all of the powers, duties and functions of said governing body are
hereby transferred to and conferred and imposed upon the board of
trustees of the Kansas public employees retirement system for the
purposes of all active members and retired members of such local police
or fire pension plan who become special members of the Kansas police and
firemen's retirement system as provided in K.S.A. 12-5005.
(e) On and after said entry date, whenever such local police or fire
pension plan is referred to or designated by a statute or contract or
other document, such reference shall be deemed to apply to the Kansas
public employees retirement fund.
(f) On and after said entry date, whenever the governing body of
such local police or fire pension plan is referred to or designated by a
statute or contract or other document, such reference shall be deemed to
apply to the board of trustees of the Kansas public employees retirement
system.
12-5004.Abolition of local plans upon affiliation with KP&F
system; transfer of assets to Kansas public employees retirement fund;
credit of contributions; authorizing transfer endorsements, transfer of
powers and duties to KPERS board of trustees.
(a) On the entry date of the city which is affiliating with the Kansas
police and firemen's retirement system with regard to all active members
and retired members of a local police or fire pension plan as provided
in K.S.A. 74-4954, such local police or fire pension plan is hereby abolished
and such city is hereby authorized to transfer and shall transfer all moneys
and other assets in such local police or fire pension plan to the Kansas
public employees retirement fund created by K.S.A. 74-4921. For the purposes
of all assets other than money, such transfer shall be at the market value
of such assets at the close of business on the date of transfer, which shall
be 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 and
other assets of such local police or fire pension plan to the Kansas
public employees retirement fund, the accounts in the Kansas public
employees retirement fund of the active members and retired members of
such local police or fire pension plan who become members or special
members of the Kansas police and firemen's retirement system pursuant to
this act, shall be credited with the contributions in their respective
accounts in such local police or fire pension plan.
(c) On and after said entry date, the board of trustees may execute
transfer endorsements for any stock or security which was transferred
from such local police or fire pension plan to the Kansas public
employees retirement fund pursuant to subsection (a). Any such
endorsement may be made either in the name of the Kansas public
employees retirement fund or in the name of such local police or fire
pension plan.
(d) On said entry date, the governing body which was established to
administer such local police or fire pension plan, is hereby abolished
and all of the powers, duties and functions of said governing body are
hereby transferred to and conferred and imposed upon the board of
trustees of the Kansas public employees retirement system for the
purposes of all active members and retired members of such local police
or fire pension plan who become special members of the Kansas police and
firemen's retirement system as provided in K.S.A. 12-5005.
(e) On and after said entry date, whenever such local police or fire
pension plan is referred to or designated by a statute or contract or
other document, such reference shall be deemed to apply to the Kansas
public employees retirement fund.
(f) On and after said entry date, whenever the governing body of
such local police or fire pension plan is referred to or designated by a
statute or contract or other document, such reference shall be deemed to
apply to the board of trustees of the Kansas public employees retirement
system.