Kansas 2025-2026 Regular Session

Kansas Senate Bill SB282 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	Session of 2025
2	2	SENATE BILL No. 282
3	3	By Committee on Assessment and Taxation
4	4	2-28
5	5	AN ACT concerning retirement and pensions; relating to the Kansas public
6	6	employees retirement system; enacting the Kansas retirement
7	7	investment and savings plan act; establishing terms, conditions and
8	8	requirements related thereto; providing for the plan document,
9	9	membership elections, benefits, contributions, distributions and
10	10	prospective plan changes by the legislature; authorizing an employer
11	11	contribution rate to amortize the actuarial costs of the defined benefit
12	12	plan; directing the pooled money investment board to loan moneys to
13	13	provide startup and related administrative costs of the plan upon
14	14	approval of the state finance council; creating the Kansas public
15	15	employees retirement system defined contribution fund; amending
16	16	K.S.A. 2024 Supp. 74-4920 and repealing the existing section.
17	17	Be it enacted by the Legislature of the State of Kansas:
18	18	New Section 1. (a) The provisions of sections 1 through 15, and
19	19	amendments thereto, shall be known and may be cited as the Kansas
20	20	retirement investment and savings plan act (KRISP). Such act shall be
21	21	effective on and after July 1, 2027.
22	22	(b) Any employee who is first employed by a participating employer
23	23	on or after July 1, 2027, and who elects to participate in the plan or fails to
24	24	make an election pursuant to section 5, and amendments thereto, shall be a
25	25	member of the plan under the provisions of this act as of the first day of
26	26	employment of such employee with such participating employer.
27	27	(c) (1) The provisions of this act shall not apply to members of the
28	28	Kansas police and firemen's retirement system, K.S.A. 74-4951 et seq.,
29	29	and amendments thereto, the retirement system for judges, K.S.A. 20-2601
30	30	et seq., and amendments thereto, and security officers as provided in
31	31	K.S.A. 74-4914a, and amendments thereto.
32	32	(2) The provisions of this act shall not apply to members of the
33	33	Kansas public employees retirement system as provided in K.S.A. 74-4901
34	34	et seq., 74-49,201 et seq., and 74-49,301 et seq., and amendments thereto,
35	35	first employed by a participating employer prior to July 1, 2027, except for
36	36	members who elect to participate in the Kansas retirement investment and
37	37	savings plan pursuant to section 5, and amendments thereto.
38	38	New Sec. 2. Unless the context requires otherwise, terms that are
39	39	used in this act have the meanings set forth in K.S.A. 74-4902, and
40	40	1
41	41	2
42	42	3
43	43	4
44	44	5
45	45	6
46	46	7
47	47	8
48	48	9
49	49	10
50	50	11
51	51	12
52	52	13
53	53	14
54	54	15
55	55	16
56	56	17
57	57	18
58	58	19
59	59	20
60	60	21
61	61	22
62	62	23
63	63	24
64	64	25
65	65	26
66	66	27
67	67	28
68	68	29
69	69	30
70	70	31
71	71	32
72	72	33
73	73	34
74	74	35
75	75	36 SB 282 2
76	76	amendments thereto, and the following definitions apply:
77	77	(a) "Act" means the Kansas retirement investment and savings plan
78	78	act, sections 1 through 15, and amendments thereto;
79	79	(b) "active plan member" or "plan member" means a Kansas
80	80	retirement investment and savings plan member who is actively employed
81	81	by a participating employer;
82	82	(c) "covered position" means a position with an affiliated employer
83	83	that is eligible for membership in the Kansas public employees retirement
84	84	system pursuant to the provisions of K.S.A. 74-4901 et seq., and
85	85	amendments thereto;
86	86	(d) "defined benefit plan" means the defined benefit plan for the
87	87	Kansas public employees retirement system, K.S.A. 74-4901 et seq., 74-
88	88	49,201 et seq. and 74-49,301 et seq., and amendments thereto, the Kansas
89	89	police and firemen's retirement system, K.S.A. 74-4951 et seq., and
90	90	amendments thereto, and the retirement system for judges, K.S.A. 20-2601
91	91	et seq., and amendments thereto;
92	92	(e) "deferred compensation plan" means the same as defined in
93	93	K.S.A. 74-49b08, and amendments thereto;
94	94	(f) "employee" means the same as defined in K.S.A. 74-4902 and 74-
95	95	4932, and amendments thereto, except that the provisions of this act shall
96	96	apply only to employees who:
97	97	(1) (A) Are first employed by a participating employer on or after
98	98	July 1, 2027, or are employees of a participating employer that affiliates on
99	99	or after July 1, 2027; and
100	100	(B) elect to participate in the plan or fail to make an election pursuant
101	101	to section 5(a)(1), and amendments thereto; or
102	102	(2) (A) are first employed by a participating employer prior to July 1,
103	103	2027; and
104	104	(B) elect to become a member of the plan pursuant to section 5(a)(2),
105	105	and amendments thereto;
106	106	(g) "first employed" means an employee who:
107	107	(1) Has not been an employee in a covered position of any
108	108	participating employer prior to July 1, 2027, and is employed by a
109	109	participating employer in a covered position on or after July 1, 2027;
110	110	(2) is a former member of the system who withdrew contribution
111	111	accounts before July 1, 2027, and who is again employed by a
112	112	participating employer in a covered position on or after July 1, 2027; or
113	113	(3) was an inactive nonvested member and who is again employed by
114	114	a participating employer in a covered position on or after July 1, 2027;
115	115	(h) "inactive nonvested member" means a member who has
116	116	terminated employment with a participating employer and who does not
117	117	have a vested retirement benefit in the system on July 1, 2027;
118	118	(i) "plan" or "Kansas retirement investment and savings plan" means
119	119	1
120	120	2
121	121	3
122	122	4
123	123	5
124	124	6
125	125	7
126	126	8
127	127	9
128	128	10
129	129	11
130	130	12
131	131	13
132	132	14
133	133	15
134	134	16
135	135	17
136	136	18
137	137	19
138	138	20
139	139	21
140	140	22
141	141	23
142	142	24
143	143	25
144	144	26
145	145	27
146	146	28
147	147	29
148	148	30
149	149	31
150	150	32
151	151	33
152	152	34
153	153	35
154	154	36
155	155	37
156	156	38
157	157	39
158	158	40
159	159	41
160	160	42
161	161	43 SB 282 3
162	162	the plan established by section 3, and amendments thereto; and
163	163	(j) "qualified Roth contribution program" means a program described
164	164	in section 402A(b)(1) of the federal internal revenue code that meets the
165	165	requirements of section 402A(b)(2) of the federal internal revenue code.
166	166	New Sec. 3. (a) (1) The board shall establish a separate Kansas
167	167	retirement investment and savings plan in accordance with the provisions
168	168	of this act. The plan and related trust shall be established with the primary
169	169	objective of providing a share of the retirement income needed to replace a
170	170	member's preretirement standard of living throughout retirement following
171	171	a full career of employment and to meet participating employers'
172	172	objectives for recruiting and retaining qualified employees. Maintaining
173	173	the member's standard of living in retirement shall include income from
174	174	the plan in addition to social security, personal savings and other
175	175	retirement arrangements including from nonparticipating employers. The
176	176	plan shall be established as a pension plan for the exclusive benefit of
177	177	members and their beneficiaries and as a qualified governmental plan
178	178	pursuant to sections 401(a) and 414(d) of the federal internal revenue code
179	179	and its implementing regulations. Retirement accounts shall be established
180	180	for each plan member. Assets of the plan shall be held in trust for the
181	181	exclusive benefit of participants and their beneficiaries. The plan is
182	182	established in addition to any retirement, pension, deferred compensation
183	183	or other benefit plan administered by the state or a political subdivision
184	184	thereof.
185	185	(2) As a component of the Kansas retirement investment and savings
186	186	plan, the board shall establish a deferred compensation plan in accordance
187	187	with section 457 of the federal internal revenue code. Deferred
188	188	compensation accounts shall be established for each plan member to allow
189	189	for additional elective contributions by members of the Kansas retirement
190	190	investment and savings plan. All moneys deferred, transferred or rolled
191	191	over in accordance with the provisions of the deferred compensation plan
192	192	shall be held in trust in accordance with section 457 of the federal internal
193	193	revenue code for the exclusive benefit of participants and their
194	194	beneficiaries. All employees subject to the provisions of this act shall
195	195	participate in the deferred compensation plan unless an employee elects, in
196	196	a manner prescribed by the board, not to participate in such plan. Any
197	197	amount of the member's salary or compensation that is deferred on a pre-
198	198	tax basis shall not be subject to state income taxes for the year in which
199	199	such sum is contributed but shall be subject to applicable state income
200	200	taxes for the year in which distributions are received by the member. The
201	201	board may utilize the Kansas public employees deferred compensation act,
202	202	K.S.A. 74-49b07 through 74-49b15, and amendments thereto, to
203	203	implement the provisions of this act solely or as one of two or more 457
204	204	plans.
205	205	1
206	206	2
207	207	3
208	208	4
209	209	5
210	210	6
211	211	7
212	212	8
213	213	9
214	214	10
215	215	11
216	216	12
217	217	13
218	218	14
219	219	15
220	220	16
221	221	17
222	222	18
223	223	19
224	224	20
225	225	21
226	226	22
227	227	23
228	228	24
229	229	25
230	230	26
231	231	27
232	232	28
233	233	29
234	234	30
235	235	31
236	236	32
237	237	33
238	238	34
239	239	35
240	240	36
241	241	37
242	242	38
243	243	39
244	244	40
245	245	41
246	246	42
247	247	43 SB 282 4
248	248	(3) The board shall establish a qualified Roth contribution program
249	249	for members in both the Kansas retirement investment and savings plan
250	250	and the deferred compensation plan. Any amounts contributed to a
251	251	qualified Roth contribution program shall be subject to state withholding
252	252	and income taxes for the year in which such sum is contributed to the
253	253	program but shall not be subject to applicable state income taxes for the
254	254	year in which distributions are received by the member, unless the
255	255	provisions of article 32 of chapter 79 of the Kansas Statutes Annotated,
256	256	and amendments thereto, provide otherwise.
257	257	(b) The board may enter into agreements with approved insurers,
258	258	investment managers or other contracting parties whereby benefits or
259	259	investment services under the Kansas retirement investment and savings
260	260	plan would be made available to participants. The board may enter into an
261	261	agreement with one or more qualified private firms for consolidated billing
262	262	services, participant enrollment services, communications services,
263	263	participant account recordkeeping services and other services related to the
264	264	administration of the Kansas retirement investment and savings plan.
265	265	(c) No significant costs shall be incurred by the state as a result of the
266	266	administration of this act unless such costs are recovered by the following
267	267	means: (1) A service charge collected from all participants; or (2) credit
268	268	allowances or reimbursement of specified plan expenses as provided under
269	269	agreements with one or more qualified private firms entered into pursuant
270	270	to subsection (b). The amount of any such significant costs incurred and to
271	271	be recovered by the state shall be determined by the board.
272	272	(d) (1) Subject to the provisions of this section, the pooled money
273	273	investment board is authorized and directed to loan to the Kansas public
274	274	employees retirement system sufficient moneys to provide startup and
275	275	related administrative costs of this act upon approval of such loan by the
276	276	state finance council acting on this matter, which is hereby characterized
277	277	as a matter of legislative delegation and subject to the guidelines
278	278	prescribed in K.S.A. 75-3711c(c), and amendments thereto.
279	279	(2) No loan shall be made unless the terms thereof have been
280	280	approved by the director of the budget. A copy of the terms of the loan
281	281	shall be submitted to the director of legislative research. The pooled
282	282	money investment board is authorized and directed to use any moneys in
283	283	the operating accounts, investment accounts or other investments of the
284	284	state of Kansas to provide the funds for such loan. Each such loan shall
285	285	bear interest at a rate equal to the net earnings rate of the pooled money
286	286	investment portfolio at the time of the making of such loan. Such loan
287	287	shall not be deemed to be an indebtedness or debt of the state of Kansas
288	288	within the meaning of section 6 of article 11 of the constitution of the state
289	289	of Kansas.
290	290	(3) Upon certification of the amount of each loan authorized pursuant
291	291	1
292	292	2
293	293	3
294	294	4
295	295	5
296	296	6
297	297	7
298	298	8
299	299	9
300	300	10
301	301	11
302	302	12
303	303	13
304	304	14
305	305	15
306	306	16
307	307	17
308	308	18
309	309	19
310	310	20
311	311	21
312	312	22
313	313	23
314	314	24
315	315	25
316	316	26
317	317	27
318	318	28
319	319	29
320	320	30
321	321	31
322	322	32
323	323	33
324	324	34
325	325	35
326	326	36
327	327	37
328	328	38
329	329	39
330	330	40
331	331	41
332	332	42
333	333	43 SB 282 5
334	334	to this subsection to the executive director of the Kansas public employees
335	335	retirement system, the pooled money investment board shall transfer each
336	336	such amount from the state bank account or accounts prescribed in this
337	337	subsection to the Kansas public employees retirement fund.
338	338	(4) The principal and interest of each loan authorized pursuant to this
339	339	subsection shall be repaid in payments payable on or before June 30, 2030,
340	340	or June 30 of each subsequent year in which a loan to the system has
341	341	occurred pursuant to this section.
342	342	(5) The board of trustees shall report annually on the status of any
343	343	loan made pursuant to this section to the joint committee on pensions,
344	344	investments and benefits.
345	345	(e) The board is authorized to negotiate and enter into contracts with
346	346	qualified insurers, investment managers and other contracting parties for
347	347	the purposes of implementing and providing essential services for the
348	348	Kansas retirement investment and savings plan, including acquisition of
349	349	actuarial, investment, consulting, auditing and other services necessary
350	350	therefor. Contracts entered into under this act shall be subject to the
351	351	provisions of K.S.A. 74-4909(15), and amendments thereto, and shall not
352	352	be negotiated in accordance with the provisions of K.S.A. 75-37,102, and
353	353	amendments thereto, or K.S.A. 75-37,132, and amendments thereto.
354	354	New Sec. 4. The legislature may, from time to time, prospectively
355	355	change the statutory provisions governing the plan and expressly reserve
356	356	the right to do so. The state of Kansas shall not be responsible for any loss
357	357	incurred by any member under the plan established pursuant to this act.
358	358	New Sec. 5. (a) (1) An employee who is first employed by a
359	359	participating employer on or after July 1, 2027, may elect to become a
360	360	member of the Kansas retirement investment and savings plan or a
361	361	member of the Kansas public employees retirement system act of 2015,
362	362	K.S.A. 74-49,301 et seq., and amendments thereto, by making an election
363	363	within 30 days from the first day of employment with a participating
364	364	employer.
365	365	(2) Except as otherwise provided in this act, an active member of the
366	366	defined benefit plan on July 1, 2027, or an inactive vested member of the
367	367	defined benefit plan who is again employed by a participating employer in
368	368	a covered position on or after July 1, 2027, may elect to become a member
369	369	of the Kansas retirement investment and savings plan by making an
370	370	election within a 30-day period established by the board.
371	371	(b) (1) Elections made pursuant to this section shall be made on a
372	372	form and in a manner prescribed by the board.
373	373	(2) (A) A defined benefit plan member failing to make an election
374	374	prescribed by this section remains a member of the defined benefit plan.
375	375	(B) An employee who is first employed by a participating employer
376	376	on or after July 1, 2027, failing to make an election prescribed by this
377	377	1
378	378	2
379	379	3
380	380	4
381	381	5
382	382	6
383	383	7
384	384	8
385	385	9
386	386	10
387	387	11
388	388	12
389	389	13
390	390	14
391	391	15
392	392	16
393	393	17
394	394	18
395	395	19
396	396	20
397	397	21
398	398	22
399	399	23
400	400	24
401	401	25
402	402	26
403	403	27
404	404	28
405	405	29
406	406	30
407	407	31
408	408	32
409	409	33
410	410	34
411	411	35
412	412	36
413	413	37
414	414	38
415	415	39
416	416	40
417	417	41
418	418	42
419	419	43 SB 282 6
420	420	section shall become a member of the Kansas retirement investment and
421	421	savings plan under the provisions of this act.
422	422	(3) An election under this section, including the default election
423	423	pursuant to subsection (b)(2), is a one-time irrevocable election.
424	424	(4) Any election made pursuant to this section is for all of such
425	425	member's credited service and for all employee and employer
426	426	contributions. An election to become a Kansas retirement investment and
427	427	savings plan member permanently terminates active membership in the
428	428	defined benefit plan and the service of such member on and after July 1,
429	429	2027, in the Kansas retirement investment and savings plan shall not be
430	430	credited for the purposes of the defined benefit plan. The system shall
431	431	calculate the actuarial present value of such member's accrued retirement
432	432	benefit for all credited service prior to July 1, 2027, and shall transfer a
433	433	lump-sum amount equal to such actuarial present value to such member's
434	434	rollover account. For members of the defined benefit plan under K.S.A.
435	435	74-49,301 et seq., and amendment thereto, the amount transferred shall be
436	436	the greater of: (A) An amount equal to the value of the member's annuity
437	437	savings account and retirement annuity account; or (B) the actuarial
438	438	present value of such member's accrued retirement benefit. The actuarial
439	439	present value shall be determined by the actuary using the actuarial
440	440	assumptions and tables currently in use by the system and the member's
441	441	attained age.
442	442	(c) A member in either the defined benefit plan or the Kansas
443	443	retirement investment and savings plan who becomes inactive after an
444	444	election under this section and who returns to active membership remains
445	445	in the plan previously elected.
446	446	(d) A member of the defined benefit plan who is subject to a domestic
447	447	relations order or an execution or income-withholding order may not
448	448	transfer to the Kansas retirement investment and savings plan unless the
449	449	order is modified to apply under the Kansas retirement investment and
450	450	savings plan.
451	451	(e) (1) A member of the defined benefit plan who is purchasing
452	452	service credit through installment payments, either made directly to the
453	453	board or pursuant to a payroll deduction agreement, shall not transfer
454	454	membership to the Kansas retirement investment and savings plan unless
455	455	the member first completes the contract for purchase of service credit.
456	456	(2) A member who files an election to transfer membership may
457	457	make a lump-sum payment for up to the balance of the service credit
458	458	remaining to be purchased prior to transferring, subject to the limitations
459	459	of section 415 of the federal internal revenue code. The lump-sum
460	460	payment, unless made by a rollover, shall be made with after-tax dollars.
461	461	(f) (1) Employee and employer contributions shall be made to the
462	462	retirement system during any 30-day election window and the system shall
463	463	1
464	464	2
465	465	3
466	466	4
467	467	5
468	468	6
469	469	7
470	470	8
471	471	9
472	472	10
473	473	11
474	474	12
475	475	13
476	476	14
477	477	15
478	478	16
479	479	17
480	480	18
481	481	19
482	482	20
483	483	21
484	484	22
485	485	23
486	486	24
487	487	25
488	488	26
489	489	27
490	490	28
491	491	29
492	492	30
493	493	31
494	494	32
495	495	33
496	496	34
497	497	35
498	498	36
499	499	37
500	500	38
501	501	39
502	502	40
503	503	41
504	504	42
505	505	43 SB 282 7
506	506	hold such contributions until an election is made, including the default
507	507	election.
508	508	(2) If an employee elects to become a member of the Kansas
509	509	retirement investment and savings plan pursuant to subsection (a)(1),
510	510	employee contributions made during the 30-day election window,
511	511	including any interest earnings thereon, shall be credited as soon as
512	512	practicable by the system to the member's mandatory contribution account.
513	513	Employer contributions made during the 30-day election window shall be
514	514	credited as soon as practicable by the system to the member's employer
515	515	contribution account.
516	516	(3) If an employee elects to become a member of the Kansas public
517	517	employees retirement system act of 2015 pursuant to subsection (a)(1),
518	518	employee contributions made during the 30-day election window,
519	519	including any interest earnings thereon, shall be credited as soon as
520	520	practicable by the system to the member's annuity savings account.
521	521	Employer contributions made during the 30-day election window shall be
522	522	credited as soon as practicable by the system to the member's retirement
523	523	annuity account.
524	524	New Sec. 6. The board shall accept the rollover of contributions and
525	525	the income on those contributions from another eligible retirement plan to
526	526	the member's rollover account only to the extent allowed under the federal
527	527	internal revenue code.
528	528	New Sec. 7. (a) A Kansas retirement investment and savings plan
529	529	member's mandatory contribution account includes the member's
530	530	contributions and the income on those contributions and is vested from the
531	531	date that the employee becomes a member of the plan.
532	532	(b) A Kansas retirement investment and savings plan member's
533	533	deferred compensation account includes the member's elective
534	534	contributions and the income on those contributions and is vested from the
535	535	date that the employee becomes a member of the plan.
536	536	(c) A Kansas retirement investment and savings plan member's
537	537	employer contribution account includes the employer's contributions and
538	538	the income on those contributions and is vested only when the member has
539	539	a total of five years of participating service in the Kansas retirement
540	540	investment and savings plan.
541	541	(d) A Kansas retirement investment and savings plan member's
542	542	rollover account includes the member's rollovers of contributions made
543	543	pursuant to section 5 or 6, and amendments thereto, and income on those
544	544	contributions and are vested from the date that the contributions are
545	545	credited to the account.
546	546	(e) If the Kansas retirement investment and savings plan member's
547	547	employer contribution account is not vested upon termination of plan
548	548	membership, as provided in this section, the employer contributions and
549	549	1
550	550	2
551	551	3
552	552	4
553	553	5
554	554	6
555	555	7
556	556	8
557	557	9
558	558	10
559	559	11
560	560	12
561	561	13
562	562	14
563	563	15
564	564	16
565	565	17
566	566	18
567	567	19
568	568	20
569	569	21
570	570	22
571	571	23
572	572	24
573	573	25
574	574	26
575	575	27
576	576	28
577	577	29
578	578	30
579	579	31
580	580	32
581	581	33
582	582	34
583	583	35
584	584	36
585	585	37
586	586	38
587	587	39
588	588	40
589	589	41
590	590	42
591	591	43 SB 282 8
592	592	income are forfeited as provided in section 8, and amendments thereto.
593	593	New Sec. 8. (a) (1) An active Kansas retirement investment and
594	594	savings plan member shall contribute 6% of compensation to the member's
595	595	mandatory contribution account.
596	596	(2) Except as provided in subsection (d), an active plan member shall
597	597	initially contribute 1% of compensation to the member's deferred
598	598	compensation account and such contribution rate shall increase annually
599	599	by 1% of the active plan member's compensation until such active plan
600	600	member reaches a maximum contribution rate of 10% of compensation.
601	601	All contributions to a member's deferred compensation account under this
602	602	section shall be subject to the contribution limits under sections 415 and
603	603	457 of the federal internal revenue code. The board may implement this
604	604	subsection as an eligible automatic contribution arrangement under section
605	605	414(w) of the federal internal revenue code.
606	606	(b) (1) All contributions under subsection (a)(1) shall be picked up by
607	607	the employer via a salary reduction as provided in section 414(h)(2) of the
608	608	federal internal revenue code. An employer shall not pick up such
609	609	contributions without a corresponding salary reduction as provided in
610	610	section 414(h)(2) of the federal internal revenue code.
611	611	(2) Each participating employer shall establish a system of regular
612	612	payroll deductions to defer each payroll period the amounts from the
613	613	salary or compensation of each employee who is a member of the deferred
614	614	compensation plan in accordance with this act and the applicable
615	615	provisions of the federal internal revenue code.
616	616	(c) An active plan member's participating employer shall contribute
617	617	the following to each member's employer contribution account:
618	618	(1) 4% of compensation to the active plan member's employer
619	619	contribution account; and
620	620	(2) an additional 0.5% of compensation to the active plan member's
621	621	employer contribution account if such member contributes 1% of
622	622	compensation to the deferred compensation plan or an additional 1% of
623	623	compensation if such member contributes 2% or more of compensation to
624	624	the deferred compensation plan.
625	625	(d) An active plan member shall be permitted to adjust the amount of
626	626	elective contributions to such member's deferred compensation account at
627	627	least annually or on a more frequent basis as established by the board. All
628	628	contribution elections shall be made in 1% increments. An active plan
629	629	member shall be permitted to stop making contributions to such member's
630	630	deferred compensation account. An active plan member shall be permitted
631	631	to resume making contributions to such member's deferred compensation
632	632	account following any previous stoppage. The board shall develop and
633	633	make available to all plan members an electronic means for making
634	634	contribution elections to a member's deferred compensation account.
635	635	1
636	636	2
637	637	3
638	638	4
639	639	5
640	640	6
641	641	7
642	642	8
643	643	9
644	644	10
645	645	11
646	646	12
647	647	13
648	648	14
649	649	15
650	650	16
651	651	17
652	652	18
653	653	19
654	654	20
655	655	21
656	656	22
657	657	23
658	658	24
659	659	25
660	660	26
661	661	27
662	662	28
663	663	29
664	664	30
665	665	31
666	666	32
667	667	33
668	668	34
669	669	35
670	670	36
671	671	37
672	672	38
673	673	39
674	674	40
675	675	41
676	676	42
677	677	43 SB 282 9
678	678	(e) Forfeitures of employer contributions and investment income on
679	679	the employer contributions may not be used to increase a plan member's
680	680	retirement account. The board shall allocate the forfeitures under this
681	681	section to meet the plan's administrative expenses, including startup
682	682	expenses. The board may use forfeitures to reduce the employer
683	683	contribution obligation once expenses are met.
684	684	New Sec. 9. (a) (1) The board shall create an investment policy
685	685	structured to meet the primary objective of providing a share, in addition
686	686	to social security, personal savings and other retirement arrangements, of
687	687	the retirement income needed to replace a member's preretirement standard
688	688	of living throughout retirement following a full career of employment. The
689	689	board shall require in any agreement with entities pursuant to section 3,
690	690	and amendments thereto, that the following investment alternatives under
691	691	the Kansas retirement investment and savings plan are offered to members,
692	692	including, but not limited to:
693	693	(A) A government securities investment fund;
694	694	(B) a fixed income index investment fund;
695	695	(C) a common stock index investment fund;
696	696	(D) a small capitalization stock index investment fund;
697	697	(E) an international stock index investment fund; and
698	698	(F) hybrid funds mixing and matching various investment funds,
699	699	tailored to projected retirement years.
700	700	(2) (A) The board shall select an index that is a commonly recognized
701	701	index comprised of common stock the aggregate market value of which is
702	702	a reasonably complete representation of the United States equity markets.
703	703	(B) The common stock index investment fund shall be invested in a
704	704	portfolio designed to replicate the performance of the index selected under
705	705	subparagraph (A). The portfolio shall be designed such that, to the extent
706	706	practicable, the percentage of the large capitalization stock index
707	707	investment fund that is invested in each stock is the same as the percentage
708	708	determined by dividing the aggregate market value of all shares of that
709	709	stock by the aggregate market value of all shares of all stocks included in
710	710	such index.
711	711	(3) (A) The board shall select an index that is a commonly recognized
712	712	index comprised of common stock, the aggregate market value of which
713	713	represents the United States equity markets excluding the common stocks
714	714	included in the common stock index investment fund.
715	715	(B) The small capitalization stock index investment fund shall be
716	716	invested in a portfolio designed to replicate the performance of the index
717	717	in subparagraph (A). The portfolio shall be designed such that, to the
718	718	extent practicable, the percentage of the small capitalization stock index
719	719	investment fund that is invested in each stock is the same as the percentage
720	720	determined by dividing the aggregate market value of all shares of that
721	721	1
722	722	2
723	723	3
724	724	4
725	725	5
726	726	6
727	727	7
728	728	8
729	729	9
730	730	10
731	731	11
732	732	12
733	733	13
734	734	14
735	735	15
736	736	16
737	737	17
738	738	18
739	739	19
740	740	20
741	741	21
742	742	22
743	743	23
744	744	24
745	745	25
746	746	26
747	747	27
748	748	28
749	749	29
750	750	30
751	751	31
752	752	32
753	753	33
754	754	34
755	755	35
756	756	36
757	757	37
758	758	38
759	759	39
760	760	40
761	761	41
762	762	42
763	763	43 SB 282 10
764	764	stock by the aggregate market value of all shares of all stocks included in
765	765	such index.
766	766	(4) (A) The board shall select an index that is a commonly recognized
767	767	index comprised of stock, the aggregate market value of which is a
768	768	reasonably complete representation of the international equity markets
769	769	excluding the United States equity markets.
770	770	(B) The international stock index investment fund shall be invested in
771	771	a portfolio designed to replicate the performance of the index in
772	772	subparagraph (A). The portfolio shall be designed such that, to the extent
773	773	practicable, the percentage of the international stock index investment
774	774	fund that is invested in each stock is the same percentage determined by
775	775	dividing the aggregate market value of all shares of that stock by the
776	776	aggregate market value of all shares of all stocks included in such index.
777	777	(b) The board shall establish a default investment option for any plan
778	778	member who does not have an effective investment direction. The board
779	779	may utilize a hybrid investment fund established pursuant to this section as
780	780	the default investment fund.
781	781	(c) Assets within each member's account shall be invested as directed
782	782	by the member within the investment alternatives established by the board.
783	783	(d) A plan member may elect the investment funds and alternatives
784	784	referred to in this section into which the sums in the member's accounts are
785	785	to be invested or reinvested. The board shall develop and make available
786	786	to all plan members an electronic means for investment allocation
787	787	elections. Elections to allocate existing account balances among the
788	788	various investment alternatives referred to in this section shall be
789	789	permitted on a daily basis. Elections to allocate future contributions among
790	790	the various investment alternatives referred to in this section shall be
791	791	permitted on a monthly basis. All investment elections shall be made in
792	792	1% increments. The sum of the percentages elected for all investment
793	793	alternatives shall equal 100%.
794	794	New Sec. 10. Any time after termination of service, a plan member or
795	795	the plan member's beneficiary may terminate plan membership by filing a
796	796	written application with the board and removing the plan member's vested
797	797	account balance from the plan through any combination of the following
798	798	payout options, each of which is subject to the provisions of the plan
799	799	document and the federal internal revenue code and the applicable
800	800	regulations of the federal internal revenue service:
801	801	(a) A direct rollover to an eligible retirement plan;
802	802	(b) an indirect rollover to an eligible retirement plan;
803	803	(c) a lump-sum distribution of the plan member's vested account
804	804	balance; or
805	805	(d) an optional form of distribution offered by the board under section
806	806	11, and amendments thereto.
807	807	1
808	808	2
809	809	3
810	810	4
811	811	5
812	812	6
813	813	7
814	814	8
815	815	9
816	816	10
817	817	11
818	818	12
819	819	13
820	820	14
821	821	15
822	822	16
823	823	17
824	824	18
825	825	19
826	826	20
827	827	21
828	828	22
829	829	23
830	830	24
831	831	25
832	832	26
833	833	27
834	834	28
835	835	29
836	836	30
837	837	31
838	838	32
839	839	33
840	840	34
841	841	35
842	842	36
843	843	37
844	844	38
845	845	39
846	846	40
847	847	41
848	848	42
849	849	43 SB 282 11
850	850	New Sec. 11. (a) Subject to the provisions of the plan document, a
851	851	plan member, after termination of service, may leave the plan member's
852	852	vested account balance in the plan, and the plan member is eligible for a
853	853	distribution as provided in this section.
854	854	(b) (1) After termination of service and upon filing a written
855	855	application with the board, a plan member may select any distribution
856	856	option provided by the plan document. The board shall make available
857	857	within the plan lifetime annuity options from an insurer, including:
858	858	(A) Single-life;
859	859	(B) joint and survivor;
860	860	(C) period certain;
861	861	(D) qualified longevity annuity contracts; and
862	862	(E) other annuity forms as the board may choose to provide.
863	863	(2) The board shall create a default distribution option using a
864	864	lifetime annuity form.
865	865	(c) A plan member who is less than 65 years of age, or 70
866	866	1
867	867	/2 years of
868	868	age if the member was born before July 1, 1949, who returns to service
869	869	may not continue to receive a distribution under this section while actively
870	870	employed in a covered position except as may otherwise be required under
871	871	an applicable annuity contract provided under the plan.
872	872	(d) The plan document shall provide that distributions shall comply
873	873	with the minimum distribution requirements established in the federal
874	874	internal revenue code and applicable under K.S.A. 74-49,123, and
875	875	amendments thereto.
876	876	(e) The plan document may specify minimum account balances for
877	877	purposes of allowing benefit payment options and rollovers in accordance
878	878	with the federal internal revenue code.
879	879	New Sec. 12. A plan member's beneficiary shall be determined as
880	880	provided in the defined benefit plan regulations. Upon filing a written
881	881	application with the board after the death of a plan member, the plan
882	882	member's beneficiary is entitled to the plan member's vested account
883	883	balance.
884	884	New Sec. 13. Before termination of service, a plan member shall not
885	885	receive a refund of any portion of the plan member's vested account
886	886	balance.
887	887	New Sec. 14. A Kansas retirement investment and savings plan
888	888	member shall be eligible for death and disability benefits provided to
889	889	members of the defined benefit plan under K.S.A. 74-4927, and
890	890	amendments thereto.
891	891	New Sec. 15. There is hereby created in the state treasury the Kansas
892	892	public employees retirement system defined contribution fund. The fund
893	893	shall be administered by the Kansas public employees retirement system in
894	894	accordance with the provisions of this act. All expenditures from the fund
895	895	1
896	896	2
897	897	3
898	898	4
899	899	5
900	900	6
901	901	7
902	902	8
903	903	9
904	904	10
905	905	11
906	906	12
907	907	13
908	908	14
909	909	15
910	910	16
911	911	17
912	912	18
913	913	19
914	914	20
915	915	21
916	916	22
917	917	23
918	918	24
919	919	25
920	920	26
921	921	27
922	922	28
923	923	29
924	924	30
925	925	31
926	926	32
927	927	33
928	928	34
929	929	35
930	930	36
931	931	37
932	932	38
933	933	39
934	934	40
935	935	41
936	936	42
937	937	43 SB 282 12
938	938	shall be made in accordance with appropriation acts upon warrants of the
939	939	director of accounts and reports issued pursuant to vouchers approved by
940	940	the chairperson of the board, the executive director of the system or the
941	941	executive director's designee.
942	942	Sec. 16. K.S.A. 2024 Supp. 74-4920 is hereby amended to read as
943	943	follows: 74-4920. (1) (a) Upon the basis of each annual actuarial valuation
944	944	and appraisal as provided for in K.S.A. 74-4908(3)(a), and amendments
945	945	thereto, the board shall certify, on or before July 15 of each year, to the
946	946	division of the budget in the case of the state and to the agent for each
947	947	other participating employer an actuarially determined estimate of the rate
948	948	of contribution that will be required, together with all accumulated
949	949	contributions and other assets of the system, to be paid by each such
950	950	participating employer to pay all liabilities that shall exist or accrue under
951	951	the system, including amortization of the actuarial accrued liability as
952	952	determined by the board. The board shall determine the actuarial cost
953	953	method to be used in annual actuarial valuations, to determine the
954	954	employer contribution rates that shall be certified by the board. Such
955	955	certified rate of contribution, amortization methods and periods and
956	956	actuarial cost method shall be based on the standards set forth in K.S.A.
957	957	74-4908(3)(a), and amendments thereto, and shall not be based on any
958	958	other purpose outside of the needs of the system.
959	959	(b) (i) For employers affiliating on and after January 1, 1999, upon
960	960	the basis of an annual actuarial valuation and appraisal of the system
961	961	conducted in the manner provided for in K.S.A. 74-4908, and amendments
962	962	thereto, the board shall certify, on or before July 15 of each year to each
963	963	such employer an actuarially determined estimate of the rate of
964	964	contribution that shall be required to be paid by each such employer to pay
965	965	all of the liabilities that shall accrue under the system from and after the
966	966	entry date as determined by the board, upon recommendation of the
967	967	actuary. Such rate shall be termed the employer's participating service
968	968	contribution and shall be uniform for all participating employers. Such
969	969	additional liability shall be amortized as determined by the board. For all
970	970	participating employers described in this section, the board shall determine
971	971	the actuarial cost method to be used in annual actuarial valuations to
972	972	determine the employer contribution rates that shall be certified by the
973	973	board.
974	974	(ii) The board shall determine for each such employer separately an
975	975	amount sufficient to amortize all liabilities for prior service costs that shall
976	976	have accrued at the time of entry into the system. On the basis of such
977	977	determination the board shall annually certify to each such employer
978	978	separately an actuarially determined estimate of the rate of contribution
979	979	that shall be required to be paid by that employer to pay all of the
980	980	liabilities for such prior service costs. Such rate shall be termed the
981	981	1
982	982	2
983	983	3
984	984	4
985	985	5
986	986	6
987	987	7
988	988	8
989	989	9
990	990	10
991	991	11
992	992	12
993	993	13
994	994	14
995	995	15
996	996	16
997	997	17
998	998	18
999	999	19
1000	1000	20
1001	1001	21
1002	1002	22
1003	1003	23
1004	1004	24
1005	1005	25
1006	1006	26
1007	1007	27
1008	1008	28
1009	1009	29
1010	1010	30
1011	1011	31
1012	1012	32
1013	1013	33
1014	1014	34
1015	1015	35
1016	1016	36
1017	1017	37
1018	1018	38
1019	1019	39
1020	1020	40
1021	1021	41
1022	1022	42
1023	1023	43 SB 282 13
1024	1024	employer's prior service contribution.
1025	1025	(c) On and after July 1, 2027, the board shall certify a contribution
1026	1026	rate required to amortize the unfunded actuarial liability of the defined
1027	1027	benefit plan. Such certified rate of contribution, amortization methods,
1028	1028	periods and actuarial cost method shall be based on the standards set
1029	1029	forth in K.S.A. 74-4908(3)(a), and amendments thereto, and shall not be
1030	1030	based on any other purpose outside of the needs of the system. Each
1031	1031	participating employer shall appropriate and pay such certified
1032	1032	contribution rate as applied to the total compensation of employees
1033	1033	participating in the Kansas retirement investment and savings plan act
1034	1034	and the defined benefit plan.
1035	1035	(2) The division of the budget and the governor shall include in the
1036	1036	budget and in the budget request for appropriations for personal services
1037	1037	the sum required to satisfy the state's obligation under this act as certified
1038	1038	by the board and shall present the same to the legislature for allowance and
1039	1039	appropriation.
1040	1040	(3) Each other participating employer shall appropriate and pay to the
1041	1041	system a sum sufficient to satisfy the obligation under this act as certified
1042	1042	by the board.
1043	1043	(4) Each participating employer is hereby authorized to pay the
1044	1044	employer's contribution from the same fund that the compensation for
1045	1045	which such contribution is made is paid from or from any other funds
1046	1046	available to it for such purpose. Each political subdivision, other than an
1047	1047	instrumentality of the state, that is by law authorized to levy taxes for other
1048	1048	purposes, may levy annually at the time of its levy of taxes, a tax that may
1049	1049	be in addition to all other taxes authorized by law for the purpose of
1050	1050	making its contributions under this act and, in the case of cities and
1051	1051	counties, to pay a portion of the principal and interest on bonds issued
1052	1052	under the authority of K.S.A. 12-1774, and amendments thereto, by cities
1053	1053	located in the county, which tax, together with any other fund available,
1054	1054	shall be sufficient to enable it to make such contribution. In lieu of levying
1055	1055	the tax authorized in this subsection, any taxing subdivision may pay such
1056	1056	costs from any employee benefits contribution fund established pursuant to
1057	1057	K.S.A. 12-16,102, and amendments thereto. Each participating employer
1058	1058	that is not by law authorized to levy taxes as described above, but that
1059	1059	prepares a budget for its expenses for the ensuing year and presents the
1060	1060	same to a governing body that is authorized by law to levy taxes as
1061	1061	described above, may include in its budget an amount sufficient to make
1062	1062	its contributions under this act, which may be in addition to all other taxes
1063	1063	authorized by law. Such governing body to which the budget is submitted
1064	1064	for approval, may levy a tax sufficient to allow the participating employer
1065	1065	to make its contributions under this act, which tax, together with any other
1066	1066	fund available, shall be sufficient to enable the participating employer to
1067	1067	1
1068	1068	2
1069	1069	3
1070	1070	4
1071	1071	5
1072	1072	6
1073	1073	7
1074	1074	8
1075	1075	9
1076	1076	10
1077	1077	11
1078	1078	12
1079	1079	13
1080	1080	14
1081	1081	15
1082	1082	16
1083	1083	17
1084	1084	18
1085	1085	19
1086	1086	20
1087	1087	21
1088	1088	22
1089	1089	23
1090	1090	24
1091	1091	25
1092	1092	26
1093	1093	27
1094	1094	28
1095	1095	29
1096	1096	30
1097	1097	31
1098	1098	32
1099	1099	33
1100	1100	34
1101	1101	35
1102	1102	36
1103	1103	37
1104	1104	38
1105	1105	39
1106	1106	40
1107	1107	41
1108	1108	42
1109	1109	43 SB 282 14
1110	1110	make the contributions required by this act.
1111	1111	(5) (a) The rate of contribution certified to a participating employer as
1112	1112	provided in this section shall apply during the fiscal year of the
1113	1113	participating employer that begins in the second calendar year following
1114	1114	the year of the actuarial valuation.
1115	1115	(b) (i) Except as specifically provided in this section, for fiscal years
1116	1116	commencing in calendar year 1996 and in each subsequent calendar year,
1117	1117	the rate of contribution certified to the state of Kansas shall in no event
1118	1118	exceed the state's contribution rate for the immediately preceding fiscal
1119	1119	year by more than 0.2% of the amount of compensation upon which
1120	1120	members contribute during the period.
1121	1121	(ii) Except as specifically provided in this subsection, for the fiscal
1122	1122	years commencing in the following calendar years, the rate of contribution
1123	1123	certified to the state of Kansas and to the participating employers under
1124	1124	K.S.A. 74-4931, and amendments thereto, shall in no event exceed the
1125	1125	state's contribution rate for the immediately preceding fiscal year by more
1126	1126	than the following amounts expressed as a percentage of compensation
1127	1127	upon which members contribute during the period: (A) For the fiscal year
1128	1128	commencing in calendar years 2010 through 2012, an amount not to
1129	1129	exceed more than 0.6% of the amount of the immediately preceding fiscal
1130	1130	year; (B) for the fiscal year commencing in calendar year 2013, an amount
1131	1131	not to exceed more than 0.9% of the amount of the immediately preceding
1132	1132	fiscal year; (C) for the fiscal year commencing in calendar year 2014, an
1133	1133	amount not to exceed more than 1% of the amount of the immediately
1134	1134	preceding fiscal year; (D) for the fiscal year commencing in calendar year
1135	1135	2015, the employer rate of contribution shall be 10.91%; (E) for the fiscal
1136	1136	year commencing in calendar year 2016, the employer rate of contribution
1137	1137	shall be 10.81%, except as provided by section 37(b) of chapter 54 of 2017
1138	1138	Session Laws of Kansas, and amendments thereto, for the participating
1139	1139	employers under K.S.A. 74-4931, and amendments thereto; (F) for the
1140	1140	fiscal year commencing in calendar year 2017, the employer rate of
1141	1141	contribution shall be 12.01%; (G) for the fiscal year commencing in
1142	1142	calendar year 2021, the employer rate of contribution shall be 13.33%; (H)
1143	1143	for the fiscal year commencing in calendar year 2022, the employer rate of
1144	1144	contribution shall be 13.11%; and (I) in each subsequent calendar year, an
1145	1145	amount not to exceed more than 1.2% of the amount of the immediately
1146	1146	preceding fiscal year.
1147	1147	(iii) Except as specifically provided in this section, for fiscal years
1148	1148	commencing in calendar year 1997 and in each subsequent calendar year,
1149	1149	the rate of contribution certified to participating employers other than the
1150	1150	state of Kansas shall in no event exceed such participating employer's
1151	1151	contribution rate for the immediately preceding fiscal year by more than
1152	1152	0.15% of the amount of compensation upon which members contribute
1153	1153	1
1154	1154	2
1155	1155	3
1156	1156	4
1157	1157	5
1158	1158	6
1159	1159	7
1160	1160	8
1161	1161	9
1162	1162	10
1163	1163	11
1164	1164	12
1165	1165	13
1166	1166	14
1167	1167	15
1168	1168	16
1169	1169	17
1170	1170	18
1171	1171	19
1172	1172	20
1173	1173	21
1174	1174	22
1175	1175	23
1176	1176	24
1177	1177	25
1178	1178	26
1179	1179	27
1180	1180	28
1181	1181	29
1182	1182	30
1183	1183	31
1184	1184	32
1185	1185	33
1186	1186	34
1187	1187	35
1188	1188	36
1189	1189	37
1190	1190	38
1191	1191	39
1192	1192	40
1193	1193	41
1194	1194	42
1195	1195	43 SB 282 15
1196	1196	during the period.
1197	1197	(iv) Except as specifically provided in this subsection, for the fiscal
1198	1198	years commencing in the following calendar years, the rate of contribution
1199	1199	certified to participating employers other than the state of Kansas shall in
1200	1200	no event exceed the contribution rate for such employers for the
1201	1201	immediately preceding fiscal year by more than the following amounts
1202	1202	expressed as a percentage of compensation upon which members
1203	1203	contribute during the period: (A) For the fiscal year commencing in
1204	1204	calendar years 2010 through 2013, an amount not to exceed more than
1205	1205	0.6% of the amount of the immediately preceding fiscal year; (B) for the
1206	1206	fiscal year commencing in calendar year 2014, an amount not to exceed
1207	1207	more than 0.9% of the amount of the immediately preceding fiscal year;
1208	1208	(C) for the fiscal year commencing in calendar year 2015, an amount not
1209	1209	to exceed more than 1% of the amount of the immediately preceding fiscal
1210	1210	year; (D) for the fiscal year commencing in calendar year 2016, an amount
1211	1211	not to exceed more than 1.1% of the amount of the immediately preceding
1212	1212	fiscal year; and (E) for the fiscal year commencing in calendar year 2017,
1213	1213	and in each subsequent calendar year, an amount not to exceed more than
1214	1214	1.2% of the amount of the immediately preceding fiscal year. On and after
1215	1215	July 1, 2027, for the purposes of this section, member compensation shall
1216	1216	include compensation of members of the Kansas retirement investment and
1217	1217	savings plan established under sections 1 through 15, and amendments
1218	1218	thereto.
1219	1219	(v) As part of the annual actuarial valuation, there shall be a separate
1220	1220	employer rate of contribution calculated for the state of Kansas, a separate
1221	1221	employer rate of contribution calculated for participating employers under
1222	1222	K.S.A. 74-4931, and amendments thereto, a combined employer rate of
1223	1223	contribution calculated for the state of Kansas and participating employers
1224	1224	under K.S.A. 74-4931, and amendments thereto, and a separate employer
1225	1225	rate of contribution calculated for all other participating employers.
1226	1226	(vi) There shall be a combined employer rate of contribution certified
1227	1227	to the state of Kansas and participating employers under K.S.A. 74-4931,
1228	1228	and amendments thereto. There shall be a separate employer rate of
1229	1229	contribution certified to all other participating employers.
1230	1230	(vii) If the combined employer rate of contribution calculated for the
1231	1231	state of Kansas and participating employers under K.S.A. 74-4931, and
1232	1232	amendments thereto, is greater than the separate employer rate of
1233	1233	contribution for the state of Kansas, the difference in the two rates applied
1234	1234	to the actual payroll of the state of Kansas for the applicable fiscal year
1235	1235	shall be calculated. This amount shall be certified by the board for deposit
1236	1236	as additional employer contributions to the retirement benefit
1237	1237	accumulation reserve for the participating employers under K.S.A. 74-
1238	1238	4931, and amendments thereto.
1239	1239	1
1240	1240	2
1241	1241	3
1242	1242	4
1243	1243	5
1244	1244	6
1245	1245	7
1246	1246	8
1247	1247	9
1248	1248	10
1249	1249	11
1250	1250	12
1251	1251	13
1252	1252	14
1253	1253	15
1254	1254	16
1255	1255	17
1256	1256	18
1257	1257	19
1258	1258	20
1259	1259	21
1260	1260	22
1261	1261	23
1262	1262	24
1263	1263	25
1264	1264	26
1265	1265	27
1266	1266	28
1267	1267	29
1268	1268	30
1269	1269	31
1270	1270	32
1271	1271	33
1272	1272	34
1273	1273	35
1274	1274	36
1275	1275	37
1276	1276	38
1277	1277	39
1278	1278	40
1279	1279	41
1280	1280	42
1281	1281	43 SB 282 16
1282	1282	(6) The actuarial cost of any legislation enacted in the 1994 session of
1283	1283	the Kansas legislature will be included in the June 30, 1994, actuarial
1284	1284	valuation in determining contribution rates for participating employers.
1285	1285	(7) The actuarial cost of the provisions of K.S.A. 74-4950i, and
1286	1286	amendments thereto, will be included in the June 30, 1998, actuarial
1287	1287	valuation in determining contribution rates for participating employers.
1288	1288	The actuarial accrued liability incurred for the provisions of K.S.A. 74-
1289	1289	4950i, and amendments thereto, shall be amortized over 15 years.
1290	1290	(8) Except as otherwise provided by law, the actuarial cost of any
1291	1291	legislation enacted by the Kansas legislature, except the actuarial cost of
1292	1292	K.S.A. 74-49,114a, and amendments thereto, shall be in addition to the
1293	1293	employer contribution rates certified for the employer contribution rate in
1294	1294	the fiscal year immediately following such enactment. Such actuarial cost
1295	1295	shall be determined by the qualified actuary employed or retained by the
1296	1296	system pursuant to K.S.A. 74-4908, and amendments thereto, and reported
1297	1297	to the system and the joint committee on pensions, investments and
1298	1298	benefits.
1299	1299	(9) Notwithstanding the provisions of subsection (8), the actuarial
1300	1300	cost of the provisions of K.S.A. 74-49,109 et seq., and amendments
1301	1301	thereto, shall be first reflected in employer contribution rates effective with
1302	1302	the first day of the first payroll period for the fiscal year 2005. The
1303	1303	actuarial accrued liability incurred for the provisions of K.S.A. 74-49,109
1304	1304	et seq., and amendments thereto, shall be amortized over 10 years.
1305	1305	(10) The cost of the postretirement benefit payment provided
1306	1306	pursuant to the provisions of K.S.A. 74-49,114b, and amendments thereto,
1307	1307	for retirants other than local retirants as described in subsection (11) or
1308	1308	insured disability benefit recipients shall be paid in the fiscal year
1309	1309	commencing on July 1, 2007.
1310	1310	(11) The actuarial accrued liability incurred for the provisions of
1311	1311	K.S.A. 74-49,114b, and amendments thereto, for the KPERS local group
1312	1312	and retirants who were employees of local employers that affiliated with
1313	1313	the Kansas police and firemen's retirement system shall be amortized over
1314	1314	10 years.
1315	1315	(12) The cost of the postretirement benefit payment provided
1316	1316	pursuant to the provisions of K.S.A. 74-49,114c, and amendments thereto,
1317	1317	for retirants other than local retirants as described in subsection (13) or
1318	1318	insured disability benefit recipients shall be paid in the fiscal year
1319	1319	commencing on July 1, 2008.
1320	1320	(13) The actuarial accrued liability incurred for the provisions of
1321	1321	K.S.A. 74-49,114c, and amendments thereto, for the KPERS local group
1322	1322	and retirants who were employees of local employers that affiliated with
1323	1323	the Kansas police and firemen's retirement system shall be amortized over
1324	1324	10 years.
1325	1325	1
1326	1326	2
1327	1327	3
1328	1328	4
1329	1329	5
1330	1330	6
1331	1331	7
1332	1332	8
1333	1333	9
1334	1334	10
1335	1335	11
1336	1336	12
1337	1337	13
1338	1338	14
1339	1339	15
1340	1340	16
1341	1341	17
1342	1342	18
1343	1343	19
1344	1344	20
1345	1345	21
1346	1346	22
1347	1347	23
1348	1348	24
1349	1349	25
1350	1350	26
1351	1351	27
1352	1352	28
1353	1353	29
1354	1354	30
1355	1355	31
1356	1356	32
1357	1357	33
1358	1358	34
1359	1359	35
1360	1360	36
1361	1361	37
1362	1362	38
1363	1363	39
1364	1364	40
1365	1365	41
1366	1366	42
1367	1367	43 SB 282 17
1368	1368	(14) The board with the advice of the actuary may fix the contribution
1369	1369	rates for participating employers joining the system after one year from the
1370	1370	first entry date or for employers who exercise the option contained in
1371	1371	K.S.A. 74-4912, and amendments thereto, at rates different from the rate
1372	1372	fixed for employers joining within one year of the first entry date.
1373	1373	(15) Employer contributions shall in no way be limited by any other
1374	1374	act that now or in the future establishes or limits the compensation of any
1375	1375	member.
1376	1376	(16) Notwithstanding any provision of law to the contrary, each
1377	1377	participating employer shall remit quarterly, or as the board may otherwise
1378	1378	provide, all employee deductions and required employer contributions to
1379	1379	the executive director for credit to the Kansas public employees retirement
1380	1380	fund within three days after the end of the period covered by the
1381	1381	remittance by electronic funds transfer. Remittances of such deductions
1382	1382	and contributions received after such date are delinquent. Delinquent
1383	1383	payments due under this subsection shall be subject to interest at the rate
1384	1384	established for interest on judgments under K.S.A. 16-204(a), and
1385	1385	amendments thereto. At the request of the board, delinquent payments that
1386	1386	are due or interest owed on such payments, or both, may be deducted from
1387	1387	any other moneys payable to such employer by any department or agency
1388	1388	of the state.
1389	1389	Sec. 17. K.S.A. 2024 Supp. 74-4920 is hereby repealed.
1390	1390	Sec. 18. This act shall take effect and be in force from and after its
1391	1391	publication in the statute book.
1392	1392	1
1393	1393	2
1394	1394	3
1395	1395	4
1396	1396	5
1397	1397	6
1398	1398	7
1399	1399	8
1400	1400	9
1401	1401	10
1402	1402	11
1403	1403	12
1404	1404	13
1405	1405	14
1406	1406	15
1407	1407	16
1408	1408	17
1409	1409	18
1410	1410	19
1411	1411	20
1412	1412	21
1413	1413	22
1414	1414	23
1415	1415	24