Enacting the Kansas retirement investment and savings plan (KRISP) act and establishing terms, conditions, requirements, membership elections, accounts, benefits, contributions and distributions related to such plan.

SB 282 creates the Kansas Retirement Investment and Savings Plan (KRISP), a new defined contribution retirement plan for most Kansas public employees hired on or after July 1, 2027. It establishes individual investment accounts for members, includes optional Roth-style savings contributions, and requires participation in a deferred compensation plan unless employees opt out. The plan applies to new hires and existing employees who choose to switch, but excludes current members of the police/fire retirement system, judges' system, and those already enrolled in the existing defined benefit plan before July 2027. KRISP operates alongside, but separately from, Kansas' current retirement systems and becomes effective January 1, 2028.