Bill > SB282

This bill establishes the Kansas Retirement Investment and Savings Plan (KRISP), a new defined contribution retirement plan for public employees. The bill primarily applies to employees first hired on or after July 1, 2027, though existing employees can elect to join the new plan. Under KRISP, employees will automatically contribute 6% of their compensation to a mandatory contribution account and start with a 1% contribution to a deferred compensation account, which will gradually increase to up to 10%. Employers will contribute 4% to the employee's employer contribution account, with potential additional contributions based on the employee's deferred compensation participation. The plan offers multiple investment options, including government securities, fixed income, common stock, small capitalization stock, and international stock index funds. Members can choose their investment allocations and will have various distribution options upon retirement, including rollovers, lump-sum distributions, and lifetime annuity options. The bill creates a new fund in the state treasury to administer the plan and allows for future legislative changes to the plan's provisions. Importantly, the plan is designed to provide retirement income supplementing Social Security and personal savings, with the primary goal of helping employees maintain their standard of living throughout retirement.

Business and Industry

Assessment and Taxation (Senate)

https://kslegislature.gov/li/b2025_26/measures/sb282/