The bill amends the Kansas public employees retirement system to provide judges and members the option to receive their retirement and disability benefits on a biweekly or monthly basis, effective July 1, 2026. It introduces provisions allowing judges who are currently receiving benefits or who retire on or after this date to elect their preferred payment frequency, with a default to monthly payments for those who do not make an election. Additionally, the bill revises the calculation of retirement annuities to ensure that benefits for judges retiring under specific conditions are based on their final average salary and years of service.

Furthermore, the bill streamlines the legal framework by repealing certain existing statutes, including K.S.A. 20-2609, 20-2610, 74-4915, and 74-4962, and clarifies the process for judges applying for retirement due to disability. It also mandates that actuarial assumptions used in determining benefit amounts must be clearly defined by the board, removing any employer discretion. The changes aim to modernize the retirement system and enhance flexibility for members in how they receive their benefits.

Statutes affected:
As Introduced: 20-2609, 20-2610, 74-4915, 74-4962
As introduced: 20-2609, 20-2610, 74-4915, 74-4962