Authorizing the KPERS board of trustees to invest in bitcoin exchange-traded products and providing requirements, limitations and definitions regarding such investments.

SB 34 allows the Kansas Public Employees Retirement System (KPERS) board to invest up to 10% of the retirement fund's assets in Bitcoin exchange-traded products (BTC ETFs). This bill amends KPERS investment rules to explicitly permit these digital asset investments while adding requirements like board compliance with standard investment duties and risk management. The change directly affects KPERS, which manages retirement funds for Kansas public employees, by expanding its eligible investment options beyond traditional assets. The bill specifies that such investments must align with KPERS' core objective of preserving the fund to provide retirement benefits, not for economic development or social purposes.