KS SB282

Establishes the Kansas Retirement Investment and Savings Plan (KRISP), a defined contribution retirement plan effective July 1, 2027, for new public employees who elect it or fail to choose the existing defined benefit plan within 30 days of employment

Requires employee contributions of 6% of compensation to a mandatory account, plus automatic enrollment in a deferred compensation plan starting at 1% and increasing annually to a 10% maximum, with opt-out available

Employers contribute 4% of compensation plus an additional 0.5-1% match for employees contributing to the deferred compensation plan, with employer contributions vesting after 5 years of service

Allows existing KPERS defined benefit members to make a one-time irrevocable election to transfer to KRISP, with their accrued benefit's actuarial present value rolled into the new plan

Excludes police, firefighters, judges, and security officers from the new plan, and authorizes the pooled money investment board to loan startup funds to KPERS with repayment by June 30, 2030