The bill establishes a post-retirement cost-of-living adjustment for certain retirants within the Kansas Public Employees Retirement System (KPERS). It appropriates $136.4 million from the state general fund for the fiscal year ending June 30, 2026, specifically for the purpose of funding these adjustments. The adjustments will apply to retirement benefits, pensions, or annuity payments that accrue after June 30, 2025, with varying increases based on the date of retirement. For instance, retirants who retired on or before July 1, 2015, will receive a 1% increase, while those who retired on or before July 1, 1999, will receive a 5% increase, with a cap that no increase shall exceed $100.

Additionally, the bill clarifies definitions related to the retirement system, including terms such as "insured disability benefit recipient," "retirement system," and "retirant." It specifies that the adjustments are supplemental to existing laws governing KPERS. The act will take effect upon its publication in the statute book, ensuring that the new provisions are implemented promptly.