KS
Kansas Senate Bill SB502

Kansas 2023-2024 Regular Session

Kansas Senate Bill SB502

Introduced
2/12/24  
Refer
2/13/24  

Caption

Terminating the KPERS 3 cash balance plan and transferring the members of such plan to the KPERS 2 plan.

Impact

The impact of this legislation primarily pertains to the management of pension plans for state employees. By mandating the transition of members from the KPERS 3 plan to the KPERS 2 plan, this bill is set to affect the retirement benefits landscape for numerous workers. It signifies a shift towards a more standardized structure that might offer better predictability in fund management and future disclosures for employees regarding their retirement funding.

Summary

SB502 proposes to terminate the Key Person Employment Retirement System (KPERS) 3 cash balance plan and subsequently transfer its members to the KPERS 2 plan. This move is intended to streamline the state's pension framework and ensure better financial sustainability over the long term. The transition aims to consolidate various retirement options under a single system, which proponents argue will simplify administration and enhance the overall management of state employees' retirement benefits.

Contention

Notable points of contention surrounding SB502 revolve around the potential effects on current members of the KPERS 3 plan. Critics argue that the transition might undermine vested interests or diminish the benefits structure that current members were promised under the KPERS 3 plan. These concerns raise questions about fairness and equity, with discussions likely focused on how the changes will impact those who have already planned their retirement based on the existing KPERS structures.

Companion Bills

No companion bills found.

Previously Filed As

KS HB2365

Terminating the KPERS 3 cash balance plan and transferring the members of such plan to the KPERS 2 plan.

KS HB2659

Transferring teachers from the KPERS 3 cash balance plan to the KPERS 2 plan and defining teachers for purposes of KPERS.

KS SB479

Transferring teachers from the KPERS 3 cash balance plan to the KPERS 2 plan and defining teachers for purposes of KPERS.

KS HB2129

Transferring teachers from the KPERS 3 cash balance plan to the KPERS 2 plan and defining teachers for purposes of KPERS.

KS SB202

Transferring teachers from the KPERS 3 cash balance plan to the KPERS 2 plan and defining teachers for purposes of KPERS.

KS HB2646

Senate Substitute for HB 2646 by Committee on Education - Transferring teachers from the KPERS 3 cash balance plan to the KPERS 2 plan and defining teachers for purposes of KPERS.

KS SB282

Enacting the Kansas retirement investment and savings plan (KRISP) act and establishing terms, conditions, requirements, membership elections, accounts, benefits, contributions and distributions related to such plan.

KS SB230

Enacting the Kansas thrift savings plan act and establishing terms, conditions, requirements, membership elections, accounts, benefits, contributions and distributions related to such act.

KS HB2619

Expanding the deferred retirement option program (DROP) membership to all KPERS members.

KS SB256

Providing KPERS 3 members an additional interest credit of 1% for calendar year 2023.

Similar Bills

NJ A1797

Clarifies that member of SPRS may receive accidental disability benefit under certain circumstances.

NJ S1906

Clarifies that member of SPRS may receive accidental disability benefit under certain circumstances.

KS HB2365

Terminating the KPERS 3 cash balance plan and transferring the members of such plan to the KPERS 2 plan.

NJ A5091

Increases PFRS accidental disability pension when disability is caused by weapon.

NJ S4391

Increases PFRS accidental disability pension when disability is caused by weapon.

NJ S3252

Increases PFRS accidental disability and accidental death pension when disability or death is caused by weapon.

NJ A2739

Increases PFRS accidental disability and accidental death pension when disability or death is caused by weapon.

NJ S2375

Increases PFRS accidental disability and accidental death pension when disability or death is caused by weapon.