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Minutes for SB450 - Committee on Insurance and Pensions
Short Title
Sub for SB 450 by Committee on Financial Institutions and Insurance: Eliminating the crediting to the Kansas public employees retirement fund of 80% of the proceeds from the sale of surplus real estate, authorizing state educational institutions to sell and convey real property given to such state educational institutions as an endowment, bequest or gift and authorizing the state board of regents to adopt policies relating to such sale and conveyance.
Minutes Content for Wed, Mar 16, 2022
Chairperson Johnson opened the hearing on Substitute for SB450.
Eileen Ma, Assistant Revisor, Office of the Revisor of Statutes, provided a briefing of the substitute for Substitute for SB450 and stood for questions. (Attachment1)
Neutral Testimony:
Alan Conroy, Executive Director, Kansas Public Employee Retirement System (KPERS) provided neutral testimony on Substitute for SB450 overviewing the sale of surplus real estate property, current law, history of transfers due to K.S.A. 75-6609, actuarial costs, and Senate action. (Attachment2) Mr. Conroy stood for questions.
Proponent Testimony:
Matt Casey, Director of Government Relations, Kansas Board of Regents provided proponent testimony stating Substitute for SB450 would allow the Kansas Board of Regents to authorize the sale of real property given to a state university as an endowment, bequest, or gift. This bill originated from the Kansas Board of Regents as one piece of the Board’s capital renewal initiative, designed to address our state universities’ deferred maintenance backlog. This bill will aid the Board in reducing our physical footprint, which in turn will decrease our future maintenance costs. This bill would also eliminate the statutory provision that credits 80% of the proceeds from the sale of state surplus property to the KPERS Fund. This provision originated as a recommendation from the Joint Committee on Pensions, Investments and Benefits. This legislation will make an impact in the deferred maintenance backlog and allow us to authorize the sale of the surplus properties specified in the bill and reinvest those dollars in our campuses.(Attachment3) Mr. Casey stood for questions.
Written Testimony:
Mark Reiske, University Architect, University of Kansas (Attachment4)
Ethan Erickson, Chief Financial Officer, Interim Vice President & Chief Operating Officer, Kansas State University (Attachment5)
Seeing no further questions or testimony, the chairperson closed the hearing on Substitute for SB450.
