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Minutes for SB523 - Committee on Insurance and Pensions

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 Wed, Mar 16, 2022

Chairperson Johnson opened the hearing on SB523.

David Wiese, Assistant Revisor, Office of the Revisor of Statutes, provided a briefing of the bill and stood for questions. (Attachment6)

Proponent Testimony:

Alan Conroy, Executive Director, Kansas Public Employees Retirement System (KPERS) provided testimony in support of SB523 as it authorizes the transfer of $1.0 billion in four payments from the State General Fund to the KPERS Trust Fund.  The addition of $1.0 billion across two fiscal years decreases the unfunded actuarial liability, improves the funded ration, and reduces future employer contributions required to extinguish the unfunded acturarial liability. (Attachment7)

Seeing no other questions or testimony, the chairperson closed the hearing on SB523.