72-17,112. Same; supplemental retirement fund; credits, custody and investment. - Kansas Statutes

72-17,112

Chapter 72.--SCHOOLS Article 17.--SUPPLEMENTAL RETIREMENT SYSTEMS

      72-17,112.   Same; supplemental retirement fund; credits, custody and investment.For the purpose of financing the supplemental retirement systemestablished under the provisions of this act, the board shall establisha fund to be known as the "supplemental retirement fund," to which shallbe credited: (1) Annual contributions by the board in an amount equal tosix percent (6%) of the first three thousand dollars ($3,000) of annualsalary of each member of the supplemental retirement system;

      (2)   any residue in the separate retirement fund after payment to thestate school retirement fund of the amounts required by subsection (d)of K.S.A. 72-5501: Provided, The board shall retain in the separateretirement fund an amount sufficient to pay retirement benefits topreviously retired members until the proceeds of the tax levy authorizedin K.S.A. 72-17,114 are available;

      (3)   interest received from investments of the fund;

      (4)   gifts made to, or for the benefit of such fund.

      The board may invest any portion of said fund not currently needed asprovided in K.S.A. 72-17,125.

      History:   L. 1951, ch. 409, § 4; L. 1974, ch. 294,§ 1; July 1.