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Minutes for HB2586 - Committee on Insurance and Pensions
Short Title
Enacting the Kansas work and save program act, allowing certain individuals to contribute to individual retirement accounts and providing administrative duties and powers of the state treasurer regarding such program.
Minutes Content for Wed, Feb 9, 2022
Chairperson opened the meeting on HB2586.
David Wiese, Assistant Revisor, Office of Revisor of Statutes, provided the committee with a briefing of the bill. (Attachment13) Mr. Wiese stood for questions.
Proponent Testimony
Lynn Rogers, Kansas State Treasurer, testified in support of the bill because it would help Kansas workers and employers. Currently, about 42 percent of Kansas workers ages 18 - 64 in the private sector work for businesses that do not offer a retirement plan and the Kansas Work and Save Program would allow businesses to offer these employees the ability to contribute to an IRA to save for their retirement. (Attachment14) Treasurer Rogers stood for questions.
Glenda Duboise, AARP Kansas Director, provided proponent testimony via Webex stated passing this bill would be a win for small businesses and hardworking Kansans as well as the state. Giving employees a simple way to save for retirement means fewer Kansans will need to rely on public assistance later in life. Many future retirees will not be able to handle the rising cost of basic needs and health care, and that is why we need the Work and Save type program legislature passed into law. (Attachment15)
Jessica Eckman, Senior Legislative Representative, AARP provided proponent testimony via Webex.(Attachment16) Ms. Eckman stated Work and Save will grow a new generation of investors, who can build their assets and invest in more complex financial services products down the road and AARP supports the passage and implementation of this bill. (Attachment17)
Judy Davis Cole, AARP advocacy volunteer, provided Webex testimony requesting support and passage of the bill. (Attachment18)
Opposed Testimony
Sandy Braden, Braden Heidner Lowe & Associates, provided opponent testimony stating the National Association of Insurance and Financial Advisors (NAIFA) encourages expanding retirement savings options and making it easier for Americans to plan and save for retirement. NAIFA appreciates that states are looking for solutions and agree this area deserves attention. However, NAIFA does not believe that a mandatory state-run program that competes with private market plans is the answer. (Attachment19) Ms. Braden stood for questions.
With no further testimony, Chairperson closed the hearing on HB2586 and the meeting was adjourned.
