The Senate Committee on Financial Institutions and Insurance convened on February 6, 2025, to discuss Senate Bill 64, which proposes significant amendments to the Kansas Public Employees Retirement System (KPERS) statutes. The bill aims to extend the timeframe for filing administrative appeals and update compliance provisions with the federal Internal Revenue Code.

Key amendments include changes to KSA 74-4902, which defines terms related to KPERS. The bill updates internal references, correcting specific subsections related to trusts and salary calculations. Notably, it extends the period for individuals aggrieved by board decisions made without a hearing to request a hearing from 30 days to 60 days.

Another critical aspect of the bill addresses errors in the minimum distribution age for individuals born in 1959, correcting it from 72 to the appropriate age as per federal guidelines. The bill also clarifies that a member's life expectancy cannot be recalculated except under specific federal provisions.

Alan Conroy, Executive Director of KPERS, emphasized that this bill is the only official request from the Board of Trustees for the current legislative session. He noted that the proposed changes are essential for ensuring compliance with federal law and making necessary technical adjustments.

The committee's discussions highlighted the importance of aligning state regulations with federal standards, ensuring that the KPERS system remains compliant and effectively serves its members. The bill's progression will be closely monitored as it moves through the legislative process.