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Minutes for HB2064 - Committee on Insurance and Pensions
Short Title
Making DROP elections revocable and allowing DROP members who first elected a DROP period of less than five years to extend such DROP period.
Minutes Content for Wed, Jan 27, 2021
The Chairperson opened the hearing on HB2064 and asked David Wiese, Assistant Revisor ,Office of the Revisor of Statutes, to provide an overview of the bill. (Attachment 6)
The Chairperson referred Committee members to the Fiscal Note.
Alan Conroy, Executive Director of KPERS provided testimony neutral to the bill. He stated that HB2064 adjusts the KP&F Deferred Retirement Option Program by allowing members to extend their DROP period up to a maximum of five years. He stated this bill was introduced at the recommendation of the Joint Committee on Pensions, Investments and Benefits. The proposed change eliminates the language making the DROP period election a one-time, irrevocable election and allows members to extend their DROP period. However, he clarified that the bill does not allow members to have a total DROP period longer than the existing five year maximum. Director Conroy responded to Committee member questions. (Attachment 7)
After asking if there were any other conferees and seeing none, Chairperson Johnson closed the hearing on HB2064.
Meeting was adjourned at 5 p.m.
