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KS HB2298
Bill
Status
2/5/2025
Primary Sponsor
Virgil Weigel
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AI Summary
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Transfers $1,000,000,000 from the state budget stabilization fund to a newly created liability reduction fund within the Kansas Public Employees Retirement System (KPERS) on July 1, 2025
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Provides a 2% cost-of-living adjustment (COLA) for KPERS retirees who retired on or before July 1, 2020, funded by interest earnings from the liability reduction fund, effective for payments after June 30, 2025
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Creates the liability reduction fund to reduce KPERS unfunded actuarial liability, with the KPERS board of trustees responsible for investment management under prudent investor standards
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Requires annual transfers from the state general fund to the budget stabilization fund equal to employer contribution savings from the $1 billion transfer, minus COLA costs, beginning July 1, 2026
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Restricts budget stabilization fund expenditures or transfers to extraordinary occasions including natural disasters, revenue downturns exceeding 10%, or healthcare emergencies, requiring legislative or state finance council approval
Legislative Description
Transferring $1,000,000,000 from the budget stabilization fund to the liability reduction fund of KPERS, using a portion of the interest earnings of the liability reduction fund to provide a 2% COLA for retirants who have been retired for more than 5 years, transferring annually certain amounts from the state general fund to the budget stabilization fund and establishing requirements for the expenditure or transfer of moneys from the budget stabilization fund.
Last Action
House Referred to Committee on Financial Institutions and Pensions
2/5/2025