72-5515. Deductions from salary; disposition of moneys; how credited. - Kansas Statutes

72-5515

Chapter 72.--SCHOOLS Article 55.--STATE SCHOOL RETIREMENT SYSTEM

      72-5515.   Deductions from salary; disposition of moneys; how credited. All boards and other agencies of the state of Kansas shall deduct fourpercent (4%) from the gross salary of any school employee as hereinafterprovided. Such deductions shall be applicable only to the first fivethousand dollars ($5,000) of the gross salary paid to any contributingfull-time school employee in each school year. Such deductions shall beapplicable only to the first two thousand five hundred dollars ($2,500) ofthe gross salary paid during a school year to any contributing schoolemployee who is eligible to receive only one-half year of service credit insuch school year. Such boards and other agencies of the state shalltransmit quarterly the amounts so deducted, to the state retirement board,in such manner as the board may direct, and the retirement board shall paythe same into the state treasury and the state treasurer shall credit thesame to the school employees savings fund.

      History:   L. 1941, ch. 341, § 15; L. 1953, ch. 339, § 5; L. 1965, ch. 413, §2; L. 1969, ch. 327, § 5; April 25.