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
DS:VMG:dlw
