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Bill > HB2711
KS HB2711
KS HB2711Enacting the countries of concern divestment act, increasing the statutory alternative investment percentage limitation for the KPERS trust fund, increasing the amount of KPERS retirant compensation subject to the statutory employer contribution rate to the first $40,000 earned in a calendar year, providing a KPERS working after retirement exemption for retirants employed by a community developmental disability organization or a community service provider in a licensed professional nurse, licens
summary
Introduced
02/06/2024
02/06/2024
In Committee
03/21/2024
03/21/2024
Crossed Over
02/28/2024
02/28/2024
Passed
04/05/2024
04/05/2024
Dead
Signed/Enacted/Adopted
04/25/2024
04/25/2024
Introduced Session
2023-2024 Regular Session
Bill Summary
AN ACT concerning state-managed funds; relating to investment procedures, standards and requirements therefor and certain retirement benefits therefrom; enacting the countries of concern divestment act; requiring divestment from investments with countries of concern and providing exceptions therefor; prohibiting investments and deposits with any bank or company domiciled in a country of concern; indemnifying state-managed funds with respect to actions taken in compliance with such act; providing an expiration date for such act; relating to the Kansas public employees retirement system and systems thereunder; Kansas public employees retirement fund; increasing the statutory alternative investment percentage limit to 25%; increasing the membership waiting period for direct support positions of community service providers; increasing the lump-sum death benefit; employment after retirement; increasing the amount of retirant compensation subject to the statutory employer contribution rate; providing an exemption for retirants employed by a community developmental disability organization or a community service provider affiliated with a community developmental disability organization in a licensed professional nurse, licensed practical nurse or direct support position; increasing the earnings limit for members of the Kansas police and firemen's retirement system; amending K.S.A. 74- 4937, 74-4957, 74-4957a, 74-4989 and 74-49,315 and K.S.A. 2023 Supp. 74-4911, 74-4914 and 74-4921 and repealing the existing sections.
AI Summary
This bill, the Enacting the countries of concern divestment act, increases the statutory alternative investment percentage limitation for the KPERS trust fund to 25%, increases the amount of KPERS retirant compensation subject to the statutory employer contribution rate to the first $40,000 earned in a calendar year, and provides a KPERS working after retirement exemption for retirants employed by a community developmental disability organization or a community service provider in a licensed professional nurse, licensed practical nurse, or direct support position. The bill also requires state-managed funds to divest from investments with countries of concern, prohibits investments and deposits with any bank or company domiciled in a country of concern, and indemnifies state-managed funds with respect to actions taken in compliance with the act, which expires on July 1, 2029.
Committee Categories
Business and Industry, Labor and Employment
Sponsors (0)
No sponsors listed
Other Sponsors (1)
Financial Institutions and Pensions (House)
Last Action
House Will become law without Governor's signature (on 04/25/2024)
Official Document
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