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Minutes for SB368 - Committee on Ways and Means
Short Title
Transferring $268,412,000 from the state general fund to the Kansas public employees retirement fund in FY 2020 and eliminating certain level-dollar KPERS employer contribution payments.
Minutes Content for Wed, Mar 11, 2020
Chairperson McGinn opened the hearing on both SB 368 and HB 2503 as they are mirror bills. Amit Patel, Legislative Research Department, provided an overview of the two bills and responded to questions from Committee members.
Senator Denning testified as a proponent of the bills. His testimony shows the financial picture documenting that we can afford to pay this off. We can do this, pay off PMIB loan early and still have an ending balance. We should take advantage of a positive funding balance to pay down debt. Senator Denning responded to questions from Committee members. (Attachment 3)
Alan Conroy, Executive Director of the Kansas Public Employees Retirement System, spoke in favor of the bills. This takes two layering payments on a twenty year payment plan to KPERS and pays off the note in this fiscal year and would result in an estimated savings of $209 million in interest costs. This would help on the investment side and on the funding side. Mr. Conroy responded to questions from Committee members. (Attachment 4)
There being no further conferees, Chairperson McGinn closed the hearing on SB 368 and HB 2503.
