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Minutes for HB2612 - Committee on Insurance and Pensions
Short Title
Authorizing a self-funded cost-of-living adjustment retirement benefit option for certain members of KPERS.
Minutes Content for Mon, Feb 14, 2022
Chairperson opened the hearing on HB2612. David Wiese, Assistant Revisor, Office of the Revisor of Statutes provided an overview of the bill and stood for questions. (Attachment14)
Written Proponent Testimony:
Representative Steven Johnson, Kansas House of Representatives (Attachment15)
Timothy Graham, Kansas National Education Association Director (KNEA) of Government Relations & Coalitions. (Attachment16)
Neutral:
Ed Klumpp, KSA, KACP, KPOA, stated they do not oppose this bill. However, for the reasons explained below, they do not believe the bill goes far enough. There is a clear need for both the KPERS and KP&F retirement systems to have a benefit adjustment after retirement.Mr. Klumpp stood for questions. (Attachment17)
Dennis Phillips, Kansas State Council of Fire Fighters, stated The Kansas State Council of Fire Fighters is taking a neutral position on HB2612 for they feel there are several unknowns about the bill. It is their understanding that HB2612 does not include Kansas Police & Firefighters as it is currently written and if there is going to be a COLA built into the KPERS retirement system for future retirees, it should include all retirees. Mr. Phillips stood for questions. (Attachment18)
Alan Conroy, KPERS Executive Director, gave neutral informational testimony stating HB2612 adds a self-funded COLA option to the KPERS 1 and KPERS 2 plans for active members at the time of their retirement. Members may still choose from the existing benefit options. But they would have the additional option of including a COLA, funded entirely through actuarial reductions to their benefits. Mr. Conroy stood for questions. (Attachment19)
There were no further questions. Chairperson closed the hearing on HB2612 and the meeting was adjourned.
