The bill amends various sections of the Kansas public employees retirement system to enhance clarity, compliance with federal regulations, and streamline processes. Key modifications include updates to the definitions of "compensation," "salary," and "beneficiaries," as well as the extension of the timeframe for filing administrative appeals from 30 days to 60 days. The bill specifies that actuarial assumptions must be clearly defined to limit employer discretion and clarifies that certain severance payments can be included as compensation if made within a specified timeframe. Additionally, it addresses the distribution of benefits in cases where a trust designation is not filed, ensuring that benefits are allocated according to existing provisions for unnamed beneficiaries.

Furthermore, the bill ensures compliance with the federal internal revenue code by updating definitions and outlining requirements for retirement plans. It includes provisions for treating compensation for employees in qualified military service and establishes rules for back pay and eligible rollover distributions. The amendments aim to modernize the retirement system, protect the interests of members and beneficiaries, and provide clearer guidelines for compensation calculations, particularly for those transitioning out of employment or serving in the military. Overall, the bill seeks to improve the functionality and fairness of the Kansas public employees retirement system.

Statutes affected:
As introduced: 74-4902, 74-4904, 74-49