November 16, 2000

Opinion No. 2000-52

TO ALL INTERESTED PERSONS:

Pursuant to K.S.A. 46-254, the Kansas Governmental Ethics Commission takes the opportunity to issue its opinion as to whether a person holds a substantial interest in a retirement account pursuant to K.S.A. 46-229 or K.S.A. 75-4301a.

OPINION:

K.S.A. 46-229 and K.S.A. 75-4301a state in pertinent part:

"(a) If an individual or an individual's spouse, either individually or collectively, has owned within the preceding 12 months a legal or equitable interest exceeding $5,000 or 5% of any business, whichever is less, the individual has a substantial interest in that business."
The Commission now determines that a legal or equitable interest in a retirement account worth more than $5,000 gives the individual an interest in that retirement account. Therefore, pursuant to K.S.A. 46-248 and K.S.A. 75-4302a, any individual required to file a statement of substantial interest form after the issuance of this opinion, must include his or her interest in a retirement account. For guidance the Commission notes that an individual must only include the name of the company that holds the retirement plan assets and not the specific holdings of that plan, unless the holdings are specifically owned in the individuals' name.

BY DIRECTION OF THE COMMISSION
 

Daniel Sevart, Chairman

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