| 1 | 1 | | Session of 2023 |
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| 2 | 2 | | HOUSE BILL No. 2196 |
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| 3 | 3 | | By Committee on Financial Institutions and Pensions |
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| 4 | 4 | | 1-26 |
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| 5 | 5 | | AN ACT concerning retirement and pensions; relating to the Kansas |
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| 6 | 6 | | deferred retirement option program act; expanding such program |
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| 7 | 7 | | membership to all members of the Kansas police and firemen's |
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| 8 | 8 | | retirement system; amending K.S.A. 2022 Supp. 74-4986l and 74- |
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| 9 | 9 | | 4986p and repealing the existing sections. |
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| 10 | 10 | | Be it enacted by the Legislature of the State of Kansas: |
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| 11 | 11 | | Section 1. K.S.A. 2022 Supp. 74-4986l is hereby amended to read as |
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| 12 | 12 | | follows: 74-4986l. (a) As used in this act, unless otherwise provided or the |
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| 13 | 13 | | context otherwise requires: |
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| 14 | 14 | | (1) "Act" means the Kansas deferred retirement option program act; |
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| 15 | 15 | | (2) "board" means the board of trustees of the Kansas public |
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| 16 | 16 | | employees retirement system; |
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| 17 | 17 | | (3) "DROP" means the deferred retirement option program |
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| 18 | 18 | | established by K.S.A. 74-4986m, and amendments thereto; |
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| 19 | 19 | | (4) "DROP account" means the notional account to which is credited |
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| 20 | 20 | | the monthly DROP accrual; |
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| 21 | 21 | | (5) "DROP period" means the period of time that a member elects to |
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| 22 | 22 | | participate in the DROP pursuant to K.S.A. 74-4986n, and amendments |
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| 23 | 23 | | thereto; |
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| 24 | 24 | | (6) "member" means a trooper, examiner or officer of the Kansas |
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| 25 | 25 | | highway patrol or an agent of the Kansas bureau of investigation any |
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| 26 | 26 | | member of the Kansas police and firemen's retirement system who is |
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| 27 | 27 | | eligible to participate in the DROP and who elects to participate in the |
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| 28 | 28 | | DROP as provided in this act; |
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| 29 | 29 | | (7) "monthly DROP accrual" means the amount equal to the monthly |
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| 30 | 30 | | retirement benefit that would have been payable to the member had the |
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| 31 | 31 | | member terminated service and retired on the day the member elected; and |
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| 32 | 32 | | (8) "system" means the Kansas police and firemen's retirement |
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| 33 | 33 | | system. |
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| 34 | 34 | | (b) Unless specifically provided in this section or in this act, words |
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| 35 | 35 | | and phrases used in this act mean the same as provided under the |
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| 36 | 36 | | provisions of K.S.A. 74-4901 et seq. and 74-4951 et seq., and amendments |
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| 37 | 37 | | thereto. |
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| 38 | 38 | | Sec. 2. K.S.A. 2022 Supp. 74-4986p is hereby amended to read as |
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| 39 | 39 | | follows: 74-4986p. (a) A member's participation in the DROP ceases on |
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| 75 | 75 | | 36 HB 2196 2 |
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| 76 | 76 | | the occurrence of the earliest of the following: |
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| 77 | 77 | | (1) Termination of the member's active service with the Kansas |
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| 78 | 78 | | highway patrol or Kansas bureau of investigation a participating employer |
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| 79 | 79 | | of the system; |
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| 80 | 80 | | (2) the last day of the member's elected DROP period that begins on |
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| 81 | 81 | | the effective date of the member's election to participate in the DROP; |
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| 82 | 82 | | (3) retirement due to disability as defined in K.S.A. 74-4952, and |
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| 83 | 83 | | amendments thereto; or |
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| 84 | 84 | | (4) the member's death. |
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| 85 | 85 | | (b) If a member dies before taking a distribution from such member's |
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| 86 | 86 | | DROP account, the member's designated beneficiary shall receive a lump- |
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| 87 | 87 | | sum payment equal to the member's DROP account balance, including any |
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| 88 | 88 | | lump sum credited as provided in K.S.A. 74-4986o(d), and amendments |
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| 89 | 89 | | thereto. If the DROP member has not named a beneficiary for such |
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| 90 | 90 | | member's DROP account, the amount in the DROP account shall be paid |
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| 91 | 91 | | to the beneficiary of the member's retirement benefit. |
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| 92 | 92 | | Sec. 3. K.S.A. 2022 Supp. 74-4986l and 74-4986p are hereby |
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| 93 | 93 | | repealed. |
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| 94 | 94 | | Sec. 4. This act shall take effect and be in force from and after its |
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| 95 | 95 | | publication in the statute book. |
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