SB 98--
By Committee on Ways and Means

AN ACT concerning state officers and employees; relating to deferred compensation contributions; amending K.S.A. 75-5525 and repealing the existing section. Be it enacted by the Legislature of the State of Kansas: Section 1. K.S.A. 75-5525 is hereby amended to read as follows: 75- 5525. (a) All moneys which are deferred and deducted by the director in accordance with the provisions of an agreement entered into under K.S.A. 75-5524, and amendments thereto, and the provisions of this act, shall remain assets of the state, shall be held in trust for the exclusive benefit of participants and their beneficiaries, and shall be disposed of in accor- dance with the terms of the agreement between the employee and the director. The obligation of the state to the employee and approved in- surers or other contractors shall be a contractual obligation only and no preferred or special interest in the deferred moneys shall accrue to such employee or to such approved insurer or other contractor. (b) Contributions payable to the deferred compensation plan pur- suant to the plan shall not be subject to any premium tax or other charges arising under the insurance laws of this state. If any such tax or charge has been paid prior to the effective date of this act, the same shall be refunded. Sec. 2. K.S.A. 75-5525 is hereby repealed. Sec. 3. This act shall take effect and be in force from and after its publication in the statute book.