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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.
IntroducedHouse
Introduced
In Committee
Passed Chamber
Passed Both
Signed
Plain-Language Summary
This bill transfers $1 billion from a budget fund to a pension fund, providing a 2% cost-of-living adjustment for some retired state employees. It also sets rules for using this fund.
Who This Affects
The bill affects retired state employees who have been retired for more than five years, giving them a 2% increase in their pensions.
Key Provisions
• Transfers $1 billion from the budget stabilization fund to the liability reduction fund of KPERS
• Provides a 2% cost-of-living adjustment (COLA) for retirants who have been retired for more than five years
• Uses interest earnings from the liability reduction fund to pay for COLAs
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Timeline
Introduced
Tuesday, February 4, 2025
Last Action
House Referred to Committee on Financial Institutions and Pensions
Feb 4, 2025
Sponsors
- Virgil WeigelDemocratcosponsor
- Henry HelgersonDemocratcosponsor
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