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Session of 2026
HOUSE BILL No. 2649
By Committee on Financial Institutions and Pensions
Requested by Megan Lynn on behalf of AARP Kansas
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AN ACT concerning retirement and pensions; enacting the Kansas
empowerment savings program act; establishing the Kansas
empowerment savings program board of trustees within the office of
the state treasurer; providing powers, duties, functions and
responsibilities of such board; authorizing certain eligible employees to
contribute to individual retirement accounts through an automatic
enrollment payroll deduction; prescribing requirements, limitations and
responsibilities for eligible employees and employers; creating the
Kansas empowerment savings program fund.
Be it enacted by the Legislature of the State of Kansas:
Section 1. The provisions of sections 1 through 24, and amendments
thereto, shall be known and may be cited as the Kansas empowerment
savings program act. The Kansas empowerment savings program act shall
be effective on and after July 1, 2027.
Sec. 2. As used in this act:
(a) "Act" means the Kansas empowerment savings program act.
(b) "Board" means the Kansas empowerment savings program board
of trustees.
(c) "Employee" means an individual who:
(1) Is at least 18 years of age;
(2) is employed by an employer for at least 90 days; and
(3) earns wages subject to income taxation.
(d) "Employer" means a person or entity engaged in a for-profit or
not-for-profit business, industry, profession, trade or other enterprise in
Kansas, that:
(1) Employed at least five employees at any time during the previous
calendar year;
(2) has been in business for at least one year; and
(3) has not offered, in the previous two calendar years, a qualified
retirement plan to employees, including a plan qualified under sections
401(a), 401(k), 403(a), 403(b), 408(k), 408(p) or 457(b) of the internal
revenue code.
(e) "Fee" means an investment management charge, administrative
charge, investment advice charge, trading fee, marketing and sales fee,
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revenue sharing, broker fee and any other cost necessary to operate the
program.
(f) "Fund" means the Kansas empowerment savings program fund
created in section 18, and amendments thereto.
(g) "Internal revenue code" means the federal internal revenue code
of 1986, as amended.
(h) "IRA" means a:
(1) Roth individual retirement account authorized under section 408A
of the internal revenue code; or
(2) traditional individual retirement account.
(i) "Program" means the Kansas empowerment savings program.
(j) "Program administrator" means an entity with which the board
contracts to administer the program.
(k) "Wages" means compensation as defined in section 219(f)(1) of
the internal revenue code received by an employee from an employer
during the calendar year.
Sec. 3. (a) There is hereby established within the office of the state
treasurer, the Kansas empowerment savings program board of trustees for
the purpose of establishing and implementing the Kansas empowerment
savings program. The board is a body corporate and politic and is not a
state agency. The board shall be an instrumentality of the state exercising
essential public functions.
(b) The board shall consist of the seven voting members, as follows:
(1) The state treasurer or the state treasurer's designee;
(2) the executive director of the Kansas public employees retirement
system or the executive director's designee;
(3) three members of the public, one appointed by the governor, one
appointed by the president of the senate and one appointed by the speaker
of the house of representatives, who have expertise in investment or
retirement savings plan administration, including:
(A) The day to day operations of investment or retirement savings
plans;
(B) maintaining individual accounts;
(C) investing assets in a retirement savings plan; and
(D) individual financial planning;
(4) one member appointed by the governor who shall represent
employers; and
(5) one member appointed by the state treasurer who shall represent
the interests of employees or program participants.
(c) The appointment of board members shall occur as soon as
practicable on or after July 1, 2027.
(d) An appointed board member shall serve a term of four years that
ends on June 30 of the second odd-numbered year after the year the
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member's term begins.
(e) The state treasurer or the state treasurer's designee shall serve as
chairperson of the board. The chairperson is authorized to call meetings of
the board and set the agenda for each meeting.
(f) The board shall elect from among the board's members any other
officers as may be necessary for the board to carry out the board's duties
and responsibilities.
(g) The board shall meet at least four times annually. The board may
conduct meetings remotely by teleconference or videoconference. A
member who attends a meeting by teleconference or videoconference may
vote on any measure.
(h) A quorum of the board shall be four members. A member's remote
or in-person attendance at a board meeting shall count toward the quorum
determination.
(i) Each board member shall have one vote.
(j) The board may take action consistent with the board's powers if a:
(1) Quorum is present at a board meeting; and
(2) majority of the members present at the meeting vote in favor of
the action.
(k) A vacancy on the board shall be filled in the same manner as the
original appointment. The newly appointed member shall serve the balance
of the unexpired term.
(l) A vacancy on the board shall not impair the right of a quorum to
exercise the powers and duties of the board.
(m) Members of the board shall not receive compensation or
subsistence allowances under K.S.A. 75-3223, and amendments thereto,
but each member shall be entitled to receive reimbursement for mileage
and expenses as provided under K.S.A. 75-3223(c) and (d), and
amendments thereto. Amounts paid under this section shall be paid from a
fund of the state treasurer as designated by the state treasurer.
(n) Except as provided in subsection (d), members of the board shall
serve for the duration of the member's term and may be reappointed.
(o) A member of the board shall serve at the pleasure of such
member's respective appointing authority. The appointing authority may
remove an appointed member of the board for any of the following
reasons:
(1) Neglect of a duty required by law;
(2) incompetence;
(3) malfeasance;
(4) unprofessional conduct; or
(5) conviction of an offense involving the misappropriation of funds.
Sec. 4. (a) A board member, an individual serving as staff for the
board or an agent appointed or engaged by the board shall discharge such
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individual's duties as a fiduciary with respect to the program solely in the
interest of the employee participants and beneficiaries as follows:
(1) For the exclusive purpose of providing benefits to employee
participants and defraying reasonable expenses of administering the
program;
(2) by investing with the care, skill, prudence and diligence under the
circumstances then prevailing that a prudent person acting in a like
capacity and familiar with those matters would use in the conduct of an
enterprise of a like character and with like aims;
(3) by using any contributions paid by employees and employers into
the program exclusively for:
(A) Paying benefits to the employee participants;
(B) costs of administering the program; and
(C) investments made for the benefit of the program.
(b) A board member, an individual serving as staff for the board or an
agent appointed or engaged by the board shall not engage in any activities
that might result in a conflict of interest with such individual's duties.
Sec. 5. A board member, a program administrator or any other staff of
the board shall not:
(a) Directly or indirectly have a personal financial interest in the
making of any investment for the program or in the gains or profits
accruing from any investment made for the program;
(b) borrow any moneys or deposits in program accounts of the fund,
or use such moneys or deposits in any manner, as an individual or as an
agent or partner of others; or
(c) become an endorser, surety or obligor of investments made under
the program.
Sec. 6. (a) The board shall have the following powers and duties:
(1) Establish, implement and maintain the program;
(2) adopt rules and regulations for the general administration of the
program;
(3) direct the state treasurer to hire staff to support the oversight and
administration of the program;
(4) adopt an investment policy statement;
(5) administer the investment of the moneys contributed to accounts
in the program consistent with the investment restrictions established by
the board;
(6) collect application, account or administrative fees to defray the
costs of administering the program;
(7) explore and, as appropriate, establish incentives to encourage
participation in the program by eligible employers and eligible employees.
Such incentives shall include a grant program for:
(A) Incentivizing compliance with the program; and
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(B) defraying the costs of the program for small businesses;
(8) seek and accept gifts, grants and donations to be used for the grant
program established under this subsection and for the purposes of this
section, unless the gifts, grants or donations would result in a conflict of
interest relating to the solicitation of vendors for program administration;
(9) enter into a contract, agreement or arrangement for any of the
following services considered necessary or desirable for carrying out the
purposes of this section:
(A) Services of private and public financial institutions, depositories,
consultants, investment advisers, investment administrators and third-party
program administrators;
(B) research, technical and other services;
(C) services of other state agencies to assist the board in such board's
duties;
(10) set fair and just penalties for employers that fail to comply with
the requirements of the program and work with the department of labor to
enforce compliance with the program;
(11) evaluate the need for the program, program administration and
board members to have private insurance, and, if necessary, the procedures
that shall be followed concerning such private insurance;
(12) develop and implement an outreach plan to gain input and
disseminate information regarding the program and retirement savings in
general;
(13) assess the feasibility of multistate or regional agreements to
administer the program through shared administrative resources and enter
into such agreements if determined beneficial;
(14) include financial education as a part of program implementation
to the extent feasible given available resources; and
(15) make and enter into contracts, agreements, memoranda of
understanding, partnerships or other arrangements to collaborate,
cooperate, coordinate, contract or combine resources, investments or
administrative functions with other governmental entities, including states,
state agencies or instrumentalities of states that maintain or are
establishing retirement savings programs compatible with the program.
The board may, under the powers and duties described by this section,
permit the collective, common or pooled investment of moneys held in
program accounts with the moneys of other states' programs:
(A) With which the assets of the program are permitted by law to be
collectively invested;
(B) to the extent necessary or desirable for the effective and efficient
design, administration and implementation of the program; and
(C) consistent with the purposes set forth in this act, including the
purpose of achieving economies of scale and other efficiencies designed to
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minimize costs for the program and employee participants.
(b) The investment restrictions described in subsection (a)(5) shall be
consistent with the objectives of the program. The board shall exercise the
prevailing judgment and care that a person of prudence, discretion and
intelligence exercises in the management of such person's own affairs,
with due regard to the probable income and level of risk from certain types
of investments of money, in accordance with the policies established by
the board.
Sec. 7. (a) The board may enter into intergovernmental agreements
with the secretary of state, department of revenue, department of labor and
any other state agency that the board deems appropriate to provide
outreach, technical assistance or compliance services for the purposes of
this act. A state agency that enters into an intergovernmental agreement
with the board under this section shall collaborate with the board to
provide the outreach, technical assistance or compliance services to the
board.
(b) The board shall coordinate with the efforts of other states as such
states pursue legal guidance for similar retirement savings programs.
Sec. 8. The board shall design, establish and operate the program in a
manner that:
(a) Accords with best practices for retirement savings vehicles;
(b) maximizes participation, savings and sound investment practices;
(c) maximizes simplicity, including ease of administration for
participating employers and employees;
(d) provides an efficient product to employees by pooling investment
moneys;
(e) ensures the portability of benefits; and
(f) provides for the decumulation of employee assets in a manner that
maximizes financial security in retirement.
Sec. 9. (a) The board shall develop an automatic enrollment payroll
deduction IRA known as the Kansas empowerment savings program. Such
program shall be a defined contribution plan. The board shall develop the
program in accordance with the requirements of this act.
(b) The board shall design the program to promote greater retirement
savings for private sector employees in a convenient, low cost and portable
manner. The program shall:
(1) Automatically enroll a private sector employee who works for an
employer on the date that the employee becomes eligible to participate
under section 13, and amendments thereto;
(2) automatically enroll employees with a contribution level of 5% of
the employee's wages. Employees may:
(A) Elect not to participate in the program; or
(B) select a different level of contribution;
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(3) pool investment money in the program to achieve cost savings
through efficiencies and economies of scale;
(4) minimize total annual fees associated with the program;
(5) ensure the portability of benefits and consider the type of IRA
offered as a way of increasing the portability of benefits;
(6) ensure that employers in all Kansas industries are covered by the
program and employees in all Kansas industries may participate in the
program;
(7) provide for the investment and decumulation of employee assets
in a manner that maximizes financial security in retirement;
(8) allow employers that are not covered by the program to
voluntarily participate in the program; and
(9) allow individuals who are not considered employees under the
program but who meet the qualifications to open an IRA to voluntarily
participate in the program.
Sec. 10. (a) The board shall make or enter into contracts with not
more than three investment managers, private financial institutions or
other service providers to invest money and administer the program in a
manner consistent with the investment policy statement adopted by the
board under section 23, and amendments thereto.
(b) If fewer than three entities:
(1) Bid to be investment managers; or
(2) meet the qualifications to be an investment manager as
determined by the board, the program may proceed with fewer than three
entities.
Sec. 11. (a) For the first three years of operation of the program, total
annual fees associated with the program shall not exceed 1% of the total
value of the program's assets. During such three-year period, the board
shall conduct a study to decide upon a fee rate that is fair to employers,
employees and the state.
(b) In the fourth year of the operation of the program and in each year
thereafter, the board shall implement a total annual flat fee rate based upon
the study conducted under subsection (a). If such flat fee rate is no longer
sufficient for the operation of the program, the board may readjust such
flat fee rate at the beginning of the board's next term.
Sec. 12. (a) The board shall establish as an investment option a life
cycle fund with a target date based upon the age of the employee. Except
as provided in subsection (d), unless the board designates a new
investment option by rules and regulations, the life cycle fund shall be the
default investment option for employees who do not elect an investment
option.
(b) (1) The board may establish one or more of the following
additional investment options:
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(A) A conservative fund;
(B) a growth fund;
(C) a secure return fund; or
(D) an annuity fund.
(2) The board shall determine whether to establish any of the
additional investment options based upon an analysis of the cost, risk
profile, benefit level, feasibility and ease of implementation of such
additional investment options.
(c) The primary objectives of the secure return fund established under
subsection (b) shall be the preservation of the safety of principal and the
provision of a stable and low risk rate of return. If the board elects to
establish a secure return fund, the board may procure any insurance,
annuity or other product to insure the value of individual accounts. The
cost of the insurance, annuity or other product shall be paid out of the
fund. If the board:
(1) Elects to establish a secure return fund; and
(2) procures insurance, an annuity or another product to insure the
value of individual accounts under this subsection, the board, program,
fund, state or a participating employer shall not assume liability for
investment or actuarial risk under the policy or contract associated with
such insurance, annuity or other product.
(d) If the board elects to establish the secure return fund under
subsection (b), the board shall determine whether such secure return fund
or life cycle fund shall be the default investment option for employees who
do not elect an investment option. In making this determination, the board
shall consider the cost, risk profile, benefit level and ease of enrollment in
such secure return fund. The board may at any time thereafter revisit such
determination and, based upon an analysis of the criteria described in this
subsection, establish either the secure return fund or the life cycle fund as
the default investment option for employees who do not elect an
investment option.
Sec. 13. (a) On and after January 1, 2028, an employee who resides in
Kansas and is employed by an employer is eligible to participate in the
program.
(b) An employer shall comply with all program requirements under
this act.
(c) An employee who participates in the program is fully vested at all
times in the employee's account under the program.
Sec. 14. (a) The state has no duty and shall not be liable to any party
for the payment of a retirement savings benefit accrued by an individual
under the program. Any financial liability for the payment of retirement
savings benefits in excess of money available under the program is borne
solely by the entities with which the board contracts to provide insurance
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to protect the value of the program.
(b) A state board, commission, agency or an officer or employee of a
state board, commission or agency shall not be liable for a loss or
deficiency resulting from particular investments selected under this act.
(c) A participating employer shall not be liable for:
(1) An employee's decision to participate in or opt out of the
program; or
(2) the investment decisions of the board or of any employee
participant.
(d) A participating employer is not a fiduciary, or considered to be a
fiduciary, over the program. A participating employer does not bear
responsibility for the administration, investment or investment
performance of the program.
(e) A participating employer shall not be liable for an error or
omission:
(1) On a disclosure form for the program;
(2) on the program website; or
(3) in information provided by the state concerning the program.
(f) A participating employer shall not be liable with regard to:
(1) Investment returns under the program;
(2) program design; or
(3) benefits paid to employee participants in the program.
Sec. 15. Money deposited by employee participants in the program is
not property of the state. The program is not a department, institution or
agency of the state. Amounts on deposit in the program shall not be
commingled with state money. The state has no claim to, claim against or
interest in money on deposit in the program.
Sec. 16. (a) Before opening the program for enrollment, the board
shall design and disseminate to all employers an employer information
packet and an employee information packet, both of which shall include:
(1) Background information on the program;
(2) appropriate disclosures for employees; and
(3) if necessary, information regarding the vendor website.
(b) The board shall establish and maintain a website designed to
make available to employers, employees and members of the general
public the employee information packet, the employer information packet
and any other reports, documents or information deemed appropriate by
the board.
(c) The employee information packet designed by the board shall
include a disclosure form. The disclosure form shall contain at least the
following information:
(1) The benefits and risks associated with making contributions to the
program;
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(2) instructions for making contributions to the program;
(3) instructions for opting out of the program;
(4) instructions for participating in the program with a level of
employee contributions other than the default rate;
(5) the process for withdrawing retirement savings in accordance with
the employee's investment type;
(6) how to obtain additional information about the program;
(7) that an employee seeking financial advice should work with the
program administrator or contact a financial adviser;
(8) that a participating employer is not in a position to provide
financial advice;
(9) that a participating employer is not liable for a decision that an
employee makes in connection with the employee's participation in the
program;
(10) that the program is not an employer sponsored retirement plan;
(11) that the program accounts and rate of return are not guaranteed
by the state; and
(12) the possible tax implications of and restrictions on individual
retirement accounts.
Sec. 17. The board shall adopt rules and regulations that:
(a) Allow employers that are exempt under this act to voluntarily
participate in the program;
(b) extend eligibility to participate in the program to individuals who
are not employees, including unemployed individuals, self-employed
individuals and other independent contractors;
(c) establish the process for enrollment in the program, including
procedures for the automatic enrollment of employees and for employees
to opt out of the program;
(d) establish the process for withdrawal from program accounts;
(e) establish the process for program participants to:
(1) Make the default contribution of 5% to program accounts; and
(2) adjust contribution levels, including a mechanism for automatic
adjustments of contribution levels;
(f) establish the process for employers to:
(1) Withhold employee contributions to program accounts from
employee wages; and
(2) send the contributions withheld under paragraph (1) to the
program administrator not later than 14 days after the contributions are
withheld from the employee's wages;
(g) establish the process for participants to make nonpayroll
contributions to program accounts;
(h) set minimum and maximum contribution levels in accordance
with limits established by the internal revenue code;
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(i) establish the process and requirements for exempting an employer
from offering the program if the employer offers a qualified retirement
plan, including a plan qualified under section 401(a), 401(k), 403(a),
403(b), 408(k), 408(p) or 457(b) of the internal revenue code. The process
for obtaining an exemption shall:
(1) Be minimal for an employer; and
(2) allow an employer to become exempt if the employer enters into
legally compliant multiple employer plans;
(j) establish, in partnership with the Kansas department of labor, the
process for enforcing employer compliance with the program;
(k) establish guidelines to ensure employer compliance;
(l) mandate the content and frequency of required disclosures to
employees, employers and other program participants. Such disclosures
shall include the information described in section 16(c), and amendments
thereto; and
(m) establish the process and requirements for providing grants to
incentivize compliance with the program and defray costs incurred by
small businesses that participate in the program.
Sec. 18. (a) There is hereby created in the state treasury the Kansas
empowerment savings program fund. The state treasurer shall administer
such fund. Such fund shall consist of:
(1) Moneys appropriated to the fund by the legislature;
(2) moneys transferred to the fund from the federal government, other
state agencies or local governments;
(3) moneys from the payment of:
(A) Fees or penalties imposed under this act; or
(B) other moneys that are due to the board;
(4) gifts, grants or donations made to the board; and
(5) gifts, grants, donations or investments concerning the program
received by the state treasurer.
(b) The state treasurer shall invest the moneys in the fund not
currently needed to meet the obligations of the fund in accordance with the
provisions of article 42 of chapter 75 of the Kansas Statutes Annotated,
and amendments thereto.
(c) All interest derived from the deposit and investment of moneys in
such fund shall be credited to the fund. At the end of each fiscal year, all
unexpended and unencumbered moneys in such fund shall remain in such
fund and not be credited or transferred to the state general fund or to any
other fund.
Sec. 19. The state treasurer may, for the costs associated with the
administration of this act, seek, accept and expend gifts, grants, donations
or investments from private or public sources. Such gifts, grants, donations
or investments shall not be required to be repaid.
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Sec. 20. (a) Except as provided in subsections (b) and (c), all
individual account information under the program, including, but not
limited to, names, addresses, telephone numbers, personally identifiable
information, amounts contributed and earnings on amounts contributed
shall be confidential and not subject to disclosure under the open records
act, K.S.A. 45-215 et seq., and amendments thereto. The provisions of this
subsection shall expire on July 1, 2031, unless the legislature reviews and
acts to continue such provisions pursuant to K.S.A. 45-229, and
amendments thereto, prior to July 1, 2031.
(b) Individual account information may be disclosed to the extent
necessary to administer the program in a manner consistent with this act
and the internal revenue code.
(c) The provisions of subsection (a) shall not apply if the individual
who provides such individual account information or is the subject of such
information expressly agrees in writing that such information may be
disclosed.
Sec. 21. (a) Not later than July 1 of each year, the board shall submit
a report in an electronic format detailing the board's activities and the
status of the program to the:
(1) Governor; and
(2) chairpersons of the house of representatives committee on
appropriations and senate committee on ways and means.
(b) The report shall include:
(1) Statistics regarding enrollment in the program;
(2) the number of program accounts opened;
(3) the average amount employees are saving through the program;
(4) average contribution levels;
(5) a summary of common complaints or concerns about the
program; and
(6) information regarding the administrative costs and fees associated
with the program.
(c) The report shall be made available on the program's website not
later than January 1 following the date that such report is submitted.
Sec. 22. (a) The board shall require an accurate accounting of all
activities, operations, receipts and expenditures be maintained in relation
to the program and the board.
(b) Each year after the first full fiscal year following program
implementation, a full audit of the books and accounts of the board
pertaining to the activities, operations, receipts, expenditures, personnel,
services and facilities of the program and the board shall be conducted by
a certified public accountant.
(c) Such audit shall include the review of direct and indirect costs
attributable to the use of outside consultants, independent contractors and
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HB 2649 13
any other persons who are not state employees for the administration of
the program.
(d) For purposes of the audit, the board shall allow the auditors access
to the properties and records of the program and board. Such auditors may
prescribe methods of accounting and the rendering of periodic reports in
relation to projects undertaken by the program.
Sec. 23. (a) The board shall annually prepare and adopt a written
statement of investment policy that includes a risk management and
oversight program. Such investment policy shall prohibit the board,
program and fund from borrowing for investment purposes.
(b) The risk management and oversight program shall be designed to
ensure that an effective risk management system is in place to:
(1) Monitor the risk levels of the program to ensure that the risks
taken are prudent and properly managed;
(2) provide an integrated process for overall risk management; and
(3) assess investment returns and risk to determine if the risks taken
are adequately compensated compared to applicable performance
benchmarks and standards.
(c) The board shall hold a public hearing to consider the statement of
investment policy and any changes to such investment policy.
Sec. 24. Subject to appropriations, the state treasurer may pay the
administrative costs associated with the creation and management of the
program until sufficient assets are available in the fund for payment of
such administrative costs. Thereafter, all administrative costs of the fund,
including repayment of any start-up moneys provided by the state
treasurer, shall be paid only out of moneys on deposit in such fund. Private
or federal moneys received in order to implement the program until the
fund is self-sustaining shall not be repaid unless such moneys were offered
contingent upon the promise of such repayment.
Sec. 25. This act shall take effect and be in force from and after July
1, 2027, and its publication in the statute book.
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