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Minutes for SB256 - Committee on Financial Institutions and Insurance
Short Title
Providing KPERS 3 members an additional interest credit of 1% for calendar year 2023.
Minutes Content for Thu, Mar 2, 2023
The Chairperson greeted the members, staff, and guests, then opened the hearing on SB256. David Wiese, Assistant Revisor, Kansas Revisor of Statutes Office (ROS) presented an overview of the bill. (Attachment 1)
Alan Conroy, Executive Director, Kansas Public Employees Retirees System (KPERS) presented informational testimony regarding how the bill would benefit or disadvantage the Tier 3 KPERS members. He answered questions from Chairperson Longbine, and Senators Pittman, Fagg, Gossage, and Dietrich. (Attachment 2)
Oral Proponent Testimony:
Steven Johnson, Kansas State Treasurer, presented testimony in support of SB256. (Attachment 3) Treasurer Johnson responded to questions and comments from Senators Pittman, Fagg, Gossage, and Chairperson Longbine.
Ernie Claudel, Kansas Coalition of Public Retirees (KCPR) presented supporting testimony for the bill. (Attachment 4)
Oral Neutral Testimony:
Tim Graham, KNEA Representative on The Keeping the Kansas Promise Coalition (KKP) presented neutral testimony. (Attachment 5)
Following the presentations, there was discussion regarding how to pay for any adjustment that might be made. The Chairperson told the members that the Joint Committee on Pensions, Investments, and Benefits have asked the President for a KPERS Tier 3 study group to delve into this matter and find an amicable fix.
There being no further discussion, and no other proponent, opponent, or neutral testimony was submitted, Chairperson Longbine closed the hearing on SB256.
The meeting adjourned at 10:16 am. The next scheduled meeting is Tuesday, March 7, 2023, at 9:30 am in room 546-South of the Capitol.
