The bill establishes the Kansas Public Employees Retirement System Cost-of-Living Adjustment Commission, which will consist of various appointed members, including representatives from different sectors such as law enforcement, state employees, and local government employees. The commission will be responsible for conducting a comprehensive study of retirement benefits and recommending annual cost-of-living adjustment rates for current and future retirants. The initial appointments to the commission are required to be made by specific dates in 2026, and the commission will meet at least once a year to fulfill its duties.

Additionally, the bill outlines the procedures for the commission's operations, including the appointment of a chairperson and vice chairperson, the quorum needed for meetings, and the process for submitting recommended cost-of-living adjustment rates to the legislature. The commission will be reappointed every four years, and its recommendations will be subject to legislative approval. Members of the commission will receive compensation and allowances as specified in existing law. The provisions of this act will supplement the current laws governing the Kansas public employees retirement system.