Establishing the Kansas empowerment savings program, authorizing certain employees to contribute to individual retirement accounts through an automatic payroll deduction and providing powers, duties, functions and responsibilities of the Kansas empowerment savings program board of trustees within the state treasurer's office concerning such program.

HB 2649 establishes the Kansas Empowerment Savings Program, allowing eligible state employees and workers at small Kansas employers without existing retirement plans to automatically contribute to Roth or traditional IRAs through payroll deductions. It creates a board within the state treasurer’s office to manage the program, with specific eligibility rules requiring employees to work at least 90 days for an employer that hasn’t offered a qualified retirement plan (like 401(k)s) in the past two years. The program will fund contributions via payroll deduction, with the board overseeing investments and administrative rules while prohibiting conflicts of interest. The law takes effect July 1, 2027, and applies directly to participating employees and their eligible employers.