|SB 0197||Modifies Kansas City Police and Civilian Retirement Systems|
|LR Number:||S0668.01T||Fiscal Note:||0668-01|
|Committee:||Pensions and General Laws|
|Last Action:||06/10/99 - Signed by Governor||Journal page:|
|Effective Date:||August 28, 1999|
SB 197 - This act modifies provisions of the Kansas City Police and Civilian Retirement Systems.
KANSAS CITY POLICE RETIREMENT
This act modifies the Kansas City Police Retirement System with respect to members, surviving spouses and investment funds.
SURVIVING SPOUSES - Surviving spouses are considered members of the retirement system as long as they are eligible for pension benefits. The surviving spouse loses all benefits under Section 86.447 if the surviving spouse remarries.
MINIMUM PENSION - This act establishes a minimum pension benefit of $600 per month for all members who have at least 25 years of service (normal retirement) or who have been permanently incapacitated as a result of an on-the-job accident or injury. The $600 amount includes any supplemental retirement benefits and cost of-living adjustments (COLAs).
This act also establishes a minimum pension of $600 per month for surviving spouses of members entitled to the same minimum pension pursuant to this act.
If the member dies while in service, the surviving spouse receives a base pension of 40% of the member's final compensation, with COLAs. If the member retires and dies after commencement of benefits, the surviving spouse receives a base pension of 80% of the member's pension amount, with COLAs, but no supplemental retirement benefits.
COMMENCEMENT OF BENEFITS - Commencement is the time when all requirements are met which entitle the member to a benefit payment, which may occur before actual payment.
INVESTMENT OF RETIREMENT FUNDS - This act allows the retirement board to designate one or more banks or trust companies to serve as a depository of retirement system funds. This act prohibits conflicts of interest by board members when conducting investment transactions on behalf of the retirement system. This act addresses some of the more technical aspects regarding securities and other properties of the retirement system.
KANSAS CITY CIVILIAN POLICE RETIREMENT SYSTEM
This act modifies provisions of the Kansas City Civilian Police Retirement System with regard to members, surviving spouses and investment funds.
SURVIVING SPOUSES - Surviving spouses are considered members of the retirement system as long as they are eligible for pension benefits.
MEMBERS WITH 5 OR MORE YEARS - Any member with 5 or more years experience who keeps his contribution in the fund may elect to receive a pension at his normal retirement date, or before his normal retirement date with a reduction. If the member chooses to receive a pension before his normal retirement date, he may elect to receive it at the same times as for early retirement (with the same reductions), however, creditable service must have been for service before the member left employment.
SUPPLEMENTAL HEALTH INSURANCE - Currently, certain members of the Kansas City Civilian Retirement System become eligible to be compensated for a supplemental retirement health insurance benefit on 8/28/96 or at the time of appointment as a special consultant, whichever occurs later. This act changes 1996 to 1999.
INVESTMENT FUNDS - This act modifies the investment fund
provisions so that it is identical to Kansas City Police
MARGARET J. TOALSON