Kansas HB2298: Transferring $1,000,000,000 from the budget stabilization fund to the liability reduction fund of KPERS, using a portion of the interest earnings of the liability reduction fund to provide a 2% COLA for retirants who have been retired for more than 5 years, transferring annually certain amounts from the state general fund to the budget stabilization fund and establishing requirements for the expenditure or transfer of moneys from the budget stabilization fund

What the bill says

An act concerning state moneys; creating the liability reduction fund of the Kansas public employees retirement system and transferring $1,000,000,000 from the budget stabilization fund to such fund; using a portion of the interest earnings of the liability reduction fund to provide a cost-of-living adjustment to certain retirants of Kansas public employees retirement system and systems thereunder; authorizing certain transfers of such employer contribution savings from the state general fund to the budget stabilization fund…

From the introduced text, February 5, 2025:

AN ACT concerning state moneys; creating the liability reduction fund of the Kansas public employees retirement system and transferring $1,000,000,000 from the budget stabilization fund to such fund; using a portion of the interest earnings of the liability reduction fund to provide a cost-of-living adjustment to certain retirants of Kansas public employees retirement system and systems thereunder; authorizing certain transfers of such employer contribution savings from the state general fund to the budget stabilization fund; establishing requirements for the expenditure or transfer of moneys from the budget stabilization fund; amending K.S.A. 2024 Supp. 75-6706 and repealing the existing section. Be it enacted by the Legislature of the State of Kansas: New Section 1. (a) The retirement benefit, pension or annuity payments accruing after June 30, 2025, to each retirant shall be increased by a cost-of-living adjustment in an amount as provided in subsection (b). Such payments shall be paid by the retirement system to the retirant utilizing a portion of the interest earnings of the liability reduction fund created in section 2, and amendments thereto. (b) Each retirant whose date of retirement is on or before July 1, 2020, and who is entitled to receive a retirement benefit, pension or annuity payment from the retirement system on July 1, 2025, shall have such retirement benefit, pension or annuity increased by …