Transferring $1,000,000,000 from the budget stabilization fund to the liability reduction fund of KPERS, using a portion of the interest earnings of the liability reduction fund to provide a 2% COLA for retirants who have been retired for more than 5 years, transferring annually certain amounts from the state general fund to the budget stabilization fund and establishing requirements for the expenditure or transfer of moneys from the budget stabilization fund.

Summary

The bill creates a Liability Reduction Fund for Kansas public employee retirees, moves $1 billion from the state’s Budget Stabilization Fund into it, and uses part of the fund’s investment earnings to give a 2 percent cost‑of‑living increase to retirees who retired before July 1 2020. It also sets rules for managing the fund, reporting its earnings, and returning future savings to the Budget Stabilization Fund. The measure failed to pass and died in committee.

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