KS HB2649

Establishes the Kansas Empowerment Savings Program, a state-facilitated retirement savings plan using automatic enrollment payroll deduction IRAs for private sector employees, effective July 1, 2027, with enrollment beginning January 1, 2028

Applies to employers with at least 5 employees, in business for at least one year, that have not offered a qualified retirement plan in the previous two years; employees are automatically enrolled at a 5% contribution rate but may opt out or adjust contributions

Creates a 7-member Board of Trustees within the State Treasurer's office to oversee the program, including the State Treasurer, KPERS executive director, and appointed members with investment/retirement expertise

Caps total annual fees at 1% of program assets for the first three years; offers investment options including a default life cycle fund, with potential conservative, growth, secure return, and annuity fund options

Protects employers from fiduciary liability for employee investment decisions, program design, or investment returns; the state bears no liability for retirement benefit payments, with program funds remaining separate from state money