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Minutes for SB23 - Committee on Financial Institutions and Insurance
Short Title
Eliminating the statutory 15% alternative investment limit for the KPERS fund and requiring the KPERS board to establish an alternative investment percentage limit.
Minutes Content for Wed, Feb 1, 2023
Eileen Ma, Assistant Revisor, Kansas Revisor of Statutes Office, presented a brief on the bill and stood for questions. There were none. (Attachment 1)
The Chairperson introduced Alan Conroy, Executive Director of the Kansas Public Employees Retirement System (KPERS), and Bruce Fink, Chief Investment Officer for KPERS, appearing on behalf of the KPERS Board of Trustees to request the Committee's support for SB23. Mr. Conroy spoke about the alternative investment strategy utilized by KPERS. He talked about the asset allocation of the Trust Fund currently in use: Private Equity and Infrastructure. He spoke about the history of the alternative investments strategy and the caps put in place over the years. (Attachment 2) He also talked about the current restrictions on alternative investments and how SB23 would change the language that governs the cap on KPERS investments and how adding to the list of delegated authorities would allow the Board of Trustees to be more responsive to market conditions. Mr. Conroy and Mr. Fink responded to questions from Senators Pittman, Olson, Fagg, and Chairperson Longbine.
Seeing no other questions or discussion, and no other proponent, opponent, or neutral testimony having been submitted, the Chairperson closed the hearing on SB23. He told the members that tomorrow, 2/2/23, the committee will take action on bills previously heard. On Tuesday, 2/7/23, hearings are planned for SB85, SB44, and SB51; on Wednesday 2/8/23, hearings on SB34 and SB37; and on Thursday, 2/9/23, a hearing on SB104.
The meeting adjourned at 10:16 am. The next scheduled meeting is Wednesday, February 2, 2023, at 9:30 am in Room 546-South of the Capitol.
