Providing discretionary authority to the state treasurer to transfer moneys certified as equivalent to the aggregate net amount received for unclaimed property to the KPERS board and to liquidate such moneys for further investment by the pooled money investment board or for necessary payments to owners of unclaimed property.
Impact
The passing of HB 2577 introduces notable revisions to the existing investment protocols regarding unclaimed property funds. By enabling the state treasurer to oversee and direct the investment of these funds, the bill impacts how such moneys are managed, theoretically leading to higher financial returns. The potential for improvements in the state's funds management reflects a shift towards more strategic investment approaches and could create better returns for state projects funded by the general fund. The bill also emphasizes the need for investment prudence and risk management in these operations.
Summary
House Bill 2577 concerns the management and investment of state moneys related to unclaimed property. It grants discretionary authority to the state treasurer to transfer funds equivalent to the total amount received for unclaimed property to the board of trustees of the Kansas public employees retirement system (KPERS). The bill aims to improve the investment efficiency of these moneys by allowing the KPERS board to liquidate them for investment purposes, thereby potentially enhancing returns for the state's general fund. The intent is to ensure that funds are adequately preserved and utilized for benefiting the state financially.
Sentiment
Overall, the sentiment around HB 2577 appears to be supportive, particularly among stakeholders focused on fiscal responsibility and effective management of state resources. Proponents argue that the bill will enhance state revenue through improved returns on unclaimed funds, reflecting a forward-thinking approach to public finance. There seems to be an overarching agreement on the necessity of sound investment strategies given the responsibility of maximizing public funds, which is echoed by support from various legislative members.
Contention
While generally favorable, there may be concerns regarding the balance of control and oversight. Critics may potentially argue about the authority granted to the state treasurer and KPERS in managing these funds, particularly regarding the transparency and accountability measures for such investment decisions. The efficiency of relying on state-managed strategies as opposed to private investment opportunities could also be points of contention, particularly among those favoring market-driven approaches to fund management.
Concerning the investment of state moneys; reestablishing the provisions of law authorizing the state treasurer to certify and transfer a portion of state moneys, equivalent to the aggregate net amount received for unclaimed property, available for investment to the KPERS board of trustees.
Modifying investment standards of moneys of the board of trustees of the Kansas public employees retirement system certified by the state treasurer as equivalent to the aggregate net amount received for unclaimed property to authorize investment in certain foreign governments.
Authorizing the KPERS board of trustees to invest in bitcoin exchange-traded products and providing requirements, limitations and definitions regarding such investments.
Eliminating the statutory 15% alternative investment limit for the KPERS fund and requiring the KPERS board to establish an alternative investment percentage limit.
Substitute for HB 2152 by Committee on Financial Institutions and Pensions - Mandating financial institutions to secure governmental unit deposits in excess of the amount insured or guaranteed by the FDIC by utilizing a public moneys pooled method of securities, prohibiting investment advisers that execute bids for the investment of public moneys from managing moneys directly from such bid, allowing governmental unit deposits to be invested at a rate agreed upon by the governmental unit and the financial institution, requiring certification from a governmental unit that deposits in the municipal investment pool fund were first offered to a financial institution in the preceding year and allowing financial institutions to file complaints upon the failure to comply.
To Amend The Law Concerning Unclaimed Property Funds; To Amend The Law Concerning The Deposit And Investment Of Unclaimed Property Funds; To Create The Unclaimed Property Interest Trust Fund; And To Declare An Emergency.
Relating to the State Treasurer; to create the Alabama Local Government Investment Pool Program within the Office of the State Treasurer to allow state and local public entities to deposit monies in an investment pool administered by the treasurer; to provide parameters for investments; to authorize the treasurer to take certain actions to administer the program; to establish the Alabama Local Government Investment Advisory Board and provide for its membership and duties; and to provide further for the Office of the State Treasurer's travel expenses.
Relating to the State Treasurer; to create the Alabama Local Government Investment Pool Program within the Office of the State Treasurer to allow state and local public entities to deposit monies in an investment pool administered by the treasurer; to provide parameters for investments; to authorize the treasurer to take certain actions to administer the program; to establish the Alabama Local Government Investment Advisory Board and provide for its membership and duties; and to provide further for the Office of the State Treasurer's travel expenses.