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Minutes for HB2577 - Committee on Financial Institutions and Insurance
Short Title
Providing discretionary authority to the state treasurer to transfer moneys certified as equivalent to the aggregate net amount received for unclaimed property to the KPERS board and to liquidate such moneys for further investment by the pooled money investment board or for necessary payments to owners of unclaimed property.
Minutes Content for Wed, Mar 6, 2024
The Chairperson directed the committee's attention to HB2577, and opened the hearing.
Eileen Ma, Assistant Revisor, ROS, presented the Revisor's Memorandum brief and stood for questions. There were none. (Attachment 10)
Steven Johnson, Kansas State Treasurer, appeared in person to testify supporting HB2577, which was requested and filed in the House Financial Institutions and Pensions Committee on behalf of the State Treasurer's Office. Mr. Johnson explained that this bill would provide a mechanism for the state treasurer to both invest and withdraw unclaimed property funds through the KPERS system. It also provides a definition of the pooled money investment board (PMIB). The proposed changes in the law are to ensure that state treasurer not only has the authority to send money to KPERS to be invested, but also has the ability to decide how much money can safely be invested. Additionally it provides authority to withdraw all or a portion of that money from KPERS whenever it is needed to meet the state's obligations, or pay out property claims to the rightful owners or heirs. (Attachment 11) Mr. Johnson answered questions from Senators Warren, Olson, and Fagg.
There being no further questions or discussion, and no other proponent, opponent, or neutral testimony submitted, Chairperson Longbine closed the hearing on HB2577.
The meeting adjourned at 10:20 am. The next scheduled meeting is Thursday, March 7, 2024, at 9:30 am in Room 546-South of the Capitol.
