SB 799 - 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.

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.

The surviving spouse loses all benefits under Section 86.447 if the surviving spouse remarries.

"Commencement of Benefits" is defined as 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. This act allows a custodian to hold securities or other properties obtained by the retirement board, which may be held in bearer form or in book entry form. Eligible securities may be deposited in a central depository system, clearing corporation, or federal reserve bank under a book entry system. Such eligible securities may be merged and title may be transferred by bookkeeping entry without physical delivery of certificates.

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 keep 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.

INVESTMENT FUNDS. This act modifies the investment fund provisions so that it is identical to Kansas City Police Retirement provisions.
MARGARET J. TOALSON

SCA 1 - (K.C. CIVILIAN RETIREMENT) - CHANGES DATE