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Minutes for SB9 - Committee on Ways and Means

Short Title

Authorizing the transfer of $115,000,000 from the state general fund to the Kansas public employees retirement fund during fiscal year 2019.

Minutes Content for Tue, Jan 22, 2019

Chairperson McGinn opened the hearing on SB 9.  David Wiese provided an overview of the bill and responded to questions from Committee members.  (Attachment 1)

Senator Jim Denning testified as a proponent of the bill.  Budget negotiators took a conservative approach last year and did not make the payment to see what tax receipts looked like.  Actual income exceeded expectations and we now have the funds to make this payment, which would all go to the school group thus improving its health and liquidity.  This payment would result in meeting the actuarial estimate for the first time in 25 years and would be a milestone.  Senator Denning responded to questions from Committee members.  (Attachment 2)

Senator Molly Baumgardner testified in support of the bill and she is a cosponsor of this bill.  We need to honor a promise that was made to our State employees and every day that passes that we don't own up to this obligation is a waste of taxpayer dollars due to interest payments.  For the Legislature to delay this payment means we are not able to give funding to other important programs.  Senator Baumgardner responded to questions from Committee members.  (Attachment 3)

Alan Conroy, Executive Director, Kansas Public Employees Retirement System, spoke in support of the bill.  The projected net savings over 30 years totals $186 million by making this payment.  Mr. Conroy responded to questions from Committee members.  (Attachment 4)

Written testimony in support of the bill was submitted by Jake LaTurner, Kansas State Treasurer.  (Attachment 5)

There being no further conferees, Chairperson McGinn closed the hearing on SB 9.

Chairperson McGinn adjourned the meeting at 11:18 am.  The next meeting will be January 23, 2019.