Creating the Kansas public employees retirement system cost-of-living adjustment commission, prescribing powers and duties of the commission and establishing procedures of the legislature relating to the annual cost-of-living adjustment rate recommended by the commission.

SB 500 creates a 13-member commission to determine annual cost-of-living adjustments (COLA) for Kansas public employee retirees. The commission, appointed by legislative leaders and retirement system representatives, must study retirement benefits and recommend a COLA rate to the legislature by December 1, 2026, for implementation starting January 1, 2028. If the legislature does not pass legislation adopting the recommended rate within 30 days of the next session, the previous rate remains in effect. This bill directly affects current and future retirees across multiple systems, including state employees, police/fire, judges, and school district workers, by establishing a formal process for adjusting their retirement benefits.