The bill amends various sections of the Kansas public employees retirement system (KPERS) to modernize its framework and ensure compliance with federal regulations. Key changes include clarifying definitions related to the retirement system, such as "accumulated contributions," "beneficiary," and "compensation." The bill specifies that if a member dies without a named beneficiary, benefits will be distributed in a defined order of preference. It also updates the definition of "compensation" to include amounts under certain sections of the federal internal revenue code, ensuring KPERS aligns with federal requirements. Additionally, the timeframe for filing administrative appeals is extended from 30 to 60 days, streamlining the process for aggrieved parties.

Further amendments address the treatment of severance payments and military service, allowing certain severance payments to be considered as compensation if made within a specified timeframe and under specific criteria. The bill also broadens the acceptance of eligible rollover distributions and clarifies the definition of a distributee to include nonspouse beneficiaries. It mandates compliance with federal regulations regarding contributions related to qualified military service and protects members' rights to benefits accrued up to the date of plan termination. Overall, the bill aims to enhance the functionality of the retirement system for public employees in Kansas while ensuring adherence to federal guidelines.

Statutes affected:
As introduced: 74-4902, 74-4904, 74-49
As Amended by House Committee: 74-4902, 74-4904, 74-49
Enrolled: 74-4902, 74-4904, 74-49