The bill establishes the Kansas Public Employees Retirement System Cost-of-Living Adjustment Commission, which will consist of various appointed members, including representatives from the governor, legislative leaders, and the board of trustees. The commission's primary responsibilities include conducting a comprehensive study of retirement benefits and recommending annual cost-of-living adjustment rates for current and future retirees. The commission will meet at least once a year and will have specific procedures for appointing members and leadership roles, with initial appointments required by September 1, 2026.

Additionally, the commission is tasked with submitting its recommended cost-of-living adjustment rate to the legislature by December 1, 2026, for implementation starting January 1, 2028. If the legislature does not act on the recommendation, the existing adjustment rate will remain in effect. The bill also outlines the compensation for commission members and defines key terms related to the retirement system. Overall, this legislation aims to ensure a structured approach to evaluating and adjusting retirement benefits for public employees in Kansas.