The bill introduces significant changes to the management of state investments and public moneys in Kansas. It requires banks, savings and loan associations, and savings banks to enter into written agreements with the state treasurer to serve as depositories for public funds, increasing the market value of securities required to secure these deposits from 100% to 102%. The bill also establishes procedures for handling non-compliance by depositories, allowing the treasurer to close accounts or convert them to repurchase agreements. Additionally, it creates a public moneys fee fund with an initial transfer of $250,000 from the state general fund, and modifies investment standards for the Kansas public employees retirement system, including allowing investments in certain foreign governments.

Moreover, the bill amends various sections of the Kansas Statutes Annotated to enhance the governance of the Kansas public employees retirement system and the pooled money investment board. It restructures the board of trustees, detailing member qualifications and requiring criminal background checks, while also clarifying the process for determining employer contribution rates. The bill emphasizes the need for timely remittance of employee deductions and employer contributions, with penalties for delinquency. It also repeals several existing statutes to streamline regulations and ensure compliance with updated investment standards, ultimately aiming to improve the security and management of public funds in Kansas.

Statutes affected:
As introduced: 74-4905, 74-4915b, 74-4915c, 74-4967, 74-49
As Amended by House Committee: 74-4905, 74-4915b, 74-4915c, 74-4967, 74-49
Enrolled: 9-1401, 9-1402, 9-1403, 9-1405, 9-1406, 9-1407, 9-1408, 9-1410, 12-1675, 74-4905, 74-4967, 74-49, 75-2263, 75-4221a, 75-4201, 75-4218, 74-4915b, 74-4915c