20-2626. Purchase of service for VISTA service. - Kansas Statutes

20-2626

Chapter 20.--COURTS Article 26.--RETIREMENT SYSTEM FOR JUSTICES AND JUDGES

      20-2626.   Purchase of service for VISTAservice.Any member of the retirement system for judgesmay purchase service credit for periods of servicein the United Statesvolunteers in service to America (VISTA) which commenced on or after January 1,1962.At the election of the judge, the benefit for each such period of serviceshall be equal to either 1% or 1.75% of thefinal average salary of any such judge. Such judge may purchasesuch service credit by making application thereforprior to date ofretirementat an additional rate of contribution in addition to the employee's rate ofcontribution as provided in K.S.A. 20-2603 and amendments thereto, based uponthe judge's attained age at the time of purchase and using actuarialassumptions and tables in use by the retirement system at the time of suchpurchase. Such additional rate of contribution shall commence at the beginningof the quarter following such election and shall remain in effect until allquarters of such service have been purchased. Any such judge may purchaseservice credit as described in this section byelecting to effectsuch purchase by means ofa single lump-sum paymentin lieu of employee contributions as provided in this sectionin an amount equal to the then present value of the benefits being purchasedas determined by the actuary using the judge's attained age, annualcompensation at the time of purchase and the actuarial assumptions andtables then in use by this system. The lump-sum payment shall be madeimmediatelyupon being notified of the amount due.The provisions of this section shall be effective on and after July 1, 2000.

      History:   L. 2000, ch. 152, § 41; May 25.