This bill amends the Kansas public employees retirement system to authorize the board of trustees to invest up to 10% of the Kansas public employees retirement fund in bitcoin exchange-traded products. The legislation outlines specific requirements, limitations, and definitions regarding such investments, including that the total of bitcoin investments shall not exceed 10% of the total investment assets of the fund. Additionally, it specifies that the board must not invest in bitcoin until the total value of such investments is less than 10% of the fund's total investment assets, and it allows for exceptions if market forces cause the value to exceed this limit.

The bill also repeals the existing section of K.S.A. 2024 Supp. 74-4921, which previously governed the investment policies of the retirement fund. The new provisions emphasize the board's responsibility to manage the fund in the best interests of its members and beneficiaries, ensuring that investments are made prudently and in accordance with established policies. Overall, the bill aims to diversify the investment portfolio of the Kansas public employees retirement fund by including bitcoin as a potential asset class while maintaining strict oversight and guidelines for such investments.

Statutes affected:
As introduced: 74-4921, 74-49