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Minutes for SB523 - Committee on Ways and Means

Short Title

Authorizing certain transfers from the state general fund to the Kansas public employees retirement fund in fiscal years 2022 and 2023 and requiring state finance council approval for such fiscal year 2023 transfers.

Minutes Content for Thu, Mar 3, 2022

Chairperson Billinger opened the hearing on SB 523.  David Wiese, Office of the Revisor of Statutes, provided an overview of the bill.  (Attachment 3)

Alan Conroy, Executive Director, Kansas Public Employees Retirement System, testified in support of the bill.  The bill transfers four payments that would result in a decrease of the unfunded actuarial liability by over $1 billion over two years, improves the funded ratio and results in total savings of $422 million over the first five years.  Mr. Conroy responded to questions from Committee members.  (Attachment 4)

Elizabeth Patton, State Director, Americans for Prosperity-Kansas, spoke as a proponent of the bill.  This is one of the most fiscally responsible things Kansas could do along with funding the rainy day fund.  This would provide for long-term financial stability.  Ms. Patton responded to questions from Committee members.  (Attachment 5)

There being no further conferees, Chairperson Billinger closed the hearing on SB 523.

Chairperson Billinger adjourned the meeting at 11:29 am.  The next meeting will be March 4, 2022.