House Status:
Senate Status:
Senate Status:
Minutes for HB2444 - Committee on Financial Institutions and Insurance
Short Title
Repealing requirements of the KPERS board regarding new investments and divestment of current investments in companies with business operations in Sudan.
Minutes Content for Wed, Mar 7, 2018
Chairperson Longbine called the meeting to order and opened the hearing on HB2444. Eileen Ma, Assistant Revisor of Statutes, gave members an overview of the bill.
Alan Conroy, Executive Director of the Kansas Public Employees Retirement System (KPERS) presented neutral informational testimony on HB2444. He told the committee that this bill was recommended by the Interim Joint Committee on Pensions, Investments, and Benefits to repeal the divestiture language in the law to avoid any confusion going forward. Mr. Conroy explained that since 2007, KPERS has been prohibited by K.S.A. 74-4921c from investing any KPERS Trust Fund assets in certain business operations in Sudan. In 2017, the U.S. Government revoked economic sanctions on Sudan, thus ending the statutory divestiture requirement. (Attachment 1) Mr. Conroy answered a question from Senator Suellentrop regarding Sudan being the only country that was previously on sanctions.
There being no other discussion or questions, and no other proponent, opponent, or neutral testimony submitted, Chairperson Longbine closed the hearing on HB2444.
