ssbet77 com login Kansas Sen. Michale Fagg, R-El Dorado, urged peers on the joint House and Senate pensions committee to endorse a proposal to invest $1 billion in surplus state revenue in lowering the $9.7 billion unfunded liability of the Kansas Public Employees Retirement System. The committee agreed to ask the 2025 Legislature to consider the concept, but didn't back his call for a $1 billion investment. (Sherman Smith/Kansas Reflector) TOPEKA — Republican Sen. Michael Fagg wants to persuade the 2025 Kansas Legislature to allocate $1 billion of the state’s revenue surplus to shrinking the $9.7 billion long-term unfunded liability in the state’s pension system. The Kansas Public Employees Retirement System, which serves more than 300,000 Kansans and possesses $27 billion in assets, years ago received legislative authorization to issue bonds so proceeds could be invested in the market to bolster the system’s bottom line. KPERS made use of $500 million bond issues in 2004 and 2021, and a $1 billion offering in 2015. On Wednesday, Fagg couldn’t convince the Legislature’s joint committee on pensions to get behind his idea of dedicating another $1 billion to address the system’s 30-year liability. Losses in 2022 — the return on investment was a negative 9.7% compared to a positive 15.7% in 2021 — deepened the challenge at KPERS in terms of meeting obligations on the pension-benefit horizon. “I’m really focused on unfunded liabilities,” Fagg said. “Folks, very seldom have we had this kind of money sitting around. I’m letting you know I know the spot it ought to go.” Sen. Pat Pettey, a Democrat from Kansas City, Kansas, said she was more interested in making use of available state revenue to enhance benefits under the modest KPERS 3 retirement plan offered to public employees since 2015. “I cannot support this recommendation because I think we have to look at the whole picture,” she said. “We can’t underestimate the senior tsunami that is facing us.” House and Senate members on the joint pension committee voted to encourage the 2025 Legislature to study the potential of a fourth infusion of cash to lower the unfunded liability. They decided to ask the Legislature to give thought to altering KPERS 3. The committee agreed to recommend the Legislature once again think about giving KPERS’ retirees a cost-of-living adjustment. The panel said the Legislature ought to research expansion to other KPERS members the deferred retirement program incentivizing fire and law enforcement personnel to stay on the job rather than retire. It might be helpful, for example, in diverting the wave of teacher retirements in Kansas. “I strongly encourage you to keep in mind ... any increase in benefits that is not paid for upfront hurts the fund,” said Sen. Jeff Longbine, an Emporia Republican who didn’t seek reelection in 2024. There is growing concern among public employees and legislators about the KPERS 3 retirement plan signed into law by GOP Gov. Sam Brownback nearly a decade ago. In an attempt to lower the burden on Kansas taxpayers, the Brownback administration settled on KPERS 3 to substantially lower financial benefits compared to KPERS 1 and KPERS 2. A report produced this year by the Legislature’s auditing unit said KPERS 3 had higher worker contribution requirements, a longer vesting period and lower financial rewards than public retirement plans offered in comparable states. Auditors said a survey of current and former Kansas public employees showed people in KPERS 3 were more likely to leave their job than participants in KPERS 1 or KPERS 2. In 2023, Rep. Sean Tarwater, R-Stilwell, put it this way: “I don’t think you need to do an audit to find out Tier 3 sucks.” Public employees in KPERS 3 were guaranteed 4% annual earnings on their personal account balances, but additional benefits to these city, county or state employees was dependent on performance of the pension system’s investment portfolio. Neither KPERS 1 nor KPERS 2 deposited the investment-return risk directly on the back of public employees in Kansas. Dissatisfaction has prompted proposals to move all KPERS 3 members to KPERS 2, which would transfer financial risk of retirement investments to the state. Meanwhile, the executive director of KPERS said the pension system was undergoing a five-year transition to a new information technology system estimated to cost $75 million. “It’s a massive undertaking,” said Alan Conroy, executive director at KPERS. “We’ve tried to do the prep work — cleaning data, backfilling staff — so we aren’t having staff trying to work full time on the project and doing their full-time, day-to-day jobs.” Rep. Cindy Neighbor, a Shawnee Democrat on the joint committee, said she hoped KPERS securex a modern IT platform without the spider web of problems encountered by the Kansas Department of Labor while reforming the state’s unemployment insurance system. “So far, I think we’ve done the right steps mechanically to have a successful project,” Conroy said. “The ultimate goal, as I tell the staff, is to keep us out of the ditch. We would not want 116,000 retired KPERS members marching on the statehouse because they didn’t get a retirement benefit check because of a failure in the IT system.” Bruce Fink, chief investment officer at KPERS, said the retirement system was in compliance with a new state law mandating divestiture from countries that posed unusual investment risks. The countries targed by the Legislature were Cuba, Iran, North Korea, Russia, Venezuela and China, including Hong Kong. The law compelled state agencies to complete divestiture transactions by Jan. 1, 2026. “We’ve not identified any trade violations since the act became effective,” Fink said. “We’ve augmented our due-diligence process for new and future investments to confirm that the countries in which potential future managers may invest in will not ... be organized in countries of concern.” In response to enactment of the law on July 1, he said KPERS terminated investments in China and Hong Kong. That involved divesting 12 securities in 10 companies valued at $294 million, he said. Fink said KPERS retained 300,000 shares of Norilsk Nickel, Russia’s leading metals mining company. He said trading of the stock was halted in conjunction with Russia’s invasion of Ukraine. “There were sanctions put in place,” he told legislators. “We continue to hold those shares in our accounts, but they are currently valued at zero market value.”

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NoneGap raises guidance ahead of holidays after storms, warm weather slowed sales - CNBCDavid Herndon, the Kansas bank commissioner, told a joint committee of the Kansas Legislature that he continued to have reservations about the banking charter issued to Beneficient Fiduciary Financial LLC of Hesston because the law creating the unique form of banking prevented state regulators from fully reviewing operations of SFF. (Sherman Smith/Kansas Reflector) TOPEKA — The Kansas banking commissioner renewed apprehension about regulatory limitations in state law that inhibit thorough examination of the unusual business granted a banking charter by order of the Kansas Legislature. State banking commissioner David Herndon said Kansas law adopted in 2022 provided the charter to Beneficient Fiduciary Financial LLC of Hesston and simultaneously forbid the Kansas Office of State Banking Commissioner from applying international evaluation standards to BFF. The statute blocked the commissioner from rating BFF in terms of capital adequacy, asset quality, management, earnings, liquidity and sensitivity to market risk. Kansas kept state banking regulators from fully examining operations of BFF, Herndon said, despite his belief BFF’s debt instruments should be considered a “substandard asset.” Two recent limited evaluations of BFF by Herdon’s staff remain confidential, he said. In addition, Herndon last week told the Kansas Joint Committee on Fiduciary Financial Institutions that state law failed to meet requirements established by the Federal Bureau of Investigation for background checks of organizers at BFF or any other technology-enabled fiduciary financial institution, or TEFFI, authorized by the state. So far, BFF is the lone TEFFI in Kansas. “Those concerns remain, and in some cases, have deepened,” said Herndon, who had sounded alarms since inception of the TEFFI concept. “It is still impossible to conduct a meaningful safety and soundness examination.” The U.S. Securities and Exchange Commission launched an investigation of Beneficient, the Dallas-based parent company of BFF. In July, Beneficient said the SEC closed that inquiry and wouldn’t recommend enforcement action by the SEC. However, Herndon said, financial problems at the parent company could bleed into BFF and other Beneficient subsidiaries. A series of executives associated with Beneficient and BFF offered the bipartisan House and Senate oversight committee a contrary perspective on work to implement a TEFFI law unique to Kansas. The executives said the company had faced challenges, but were bullish on prospects of generating revenue, contributing to economic development in Kansas and serving as a positive example for how business could be conducted under a TEFFI model. The heart of the operation involved Beneficient assisting wealthy individuals and business owners to exchange illiquid assets locked in investment funds for liquid assets such as cash and stock. Beneficient has no interest in the deals on expensive artwork, antique vehicles or wine collections, but has targeted private equity assets that hold value but don’t produce regular cash flow. The Kansas-endorsed business earns fees for work with these alternative assets. Twenty percent of a 2.5% cut in fee revenue must be diverted to the Kansas Department of Commerce for distribution to economic development projects across the state. The remaining 80% of this slice of fee revenue must flow to the Beneficient Heartland Foundation for economic development in Hesston. Brad Heppner, CEO and board chairman of BFF, said constraints in the U.S. economy inhibited mergers and acquisitions that would have contributed to Beneficient’s TEFFI business model. After taking Beneficient public on Nasdaq in 2023, the financial services company’s stock crashed. The 52-week high in Beneficient stock value was $51.14 per share and the 52-week low was less that $1 per share. On Tuesday, it sat at 82 cents per share. Heppner told state lawmakers he was optimistic there would be a surge during the next year or so in U.S. mergers and acquisitions. He said the forecast was based, in part, on promises made by President-elect Donald Trump. “We have turned the corner,” Heppner said. “Finally, after a pretty disastrous previous year.” He said there were no guarantee of a stronger market for alternative asset deals, “but there’s general euphoria.” In April 2022, Heppner predicted as many as 50 companies eager to operate as a TEFFI could open offices in Hesston within two years. None have done so. Rep. Stephen Owens, a Hesston Republican and legislative champion of BFF and Beneficient, said when the TEFFI law was created that it could attract alternative asset businesses to Kansas in the same way the credit card issuing industry boomed in South Dakota. He said two years ago a business-friendly TEFFI model could drive as much as $1 billion over a decade into Kansas. Owens is on the joint legislative oversight committee responsible for monitoring BFF. Democratic Sen. Jeff Pittman of Leavenworth, another member of the committee, said he was concerned the TEFFI concept hadn’t taken off in the way Heppner and Owens predicted in the past. He said members of the Legislature would benefit from testimony by independent experts in the banking industry who might explain what was holding back investment in the TEFFI market. During the joint committee’s recent hearing at the Capitol, testimony came from BFF associates, the state banking commissioner and the state Department of Commerce. Heppner said it was true BFF remained the lone TEFFI in the United States, but he asserted there was interest from two out-of-state groups that might be willing to enter the alternative asset business in Kansas. He didn’t identify those entities. The state banking commissioner said he’d had no inquiries from companies intrigued by Kansas’ first-of-its-kind alternative asset framework. Sen. Michael Fagg, R-El Dorado, praised BFF’s distribution of several million dollars in economic development seed grants through the Department of Commerce. The third round of grants were released by the Department of Commerce in September. Fagg lauded plans to move ahead with revitalization of Main Street in Hesston, including development of a grocery store. That work is funneled through the Beneficient’s foundation. “We wouldn’t have any of this economic development without BFF,” Fagg said. “We’re trying to promote a new idea. I wanted to personally and publicly thank them (BFF) for that.” Former state Sen. Jeff King, an attorney with Crossroads Legal Solutions who represents Benificient and BFF, said the federal SEC investigation of Beneficient came to an end. He said the Beneficient believed it was time for the Legislature to consider how the current regulatory structure had performed and how changes could more effectively attract clients. Alan Dienes, managing director and chief operating office at BFF, urged lawmakers to exempt BFF from certain regulations typical of a bank. He said state law required BFF to complete daily and monthly reports in the manner of a bank, but the TEFFI shouldn’t be treated as such. He said the 2025 Legislature should allow BFF more time to compile quarterly reports and be exempted from lending limits. “We think it’s time to start fine-tuning the statute,” he said. “The world changes a little bit.” BFF executives urged the Legislature to compel the Department of Commerce to launch a marketing campaign to recruit businesses that might make use of a TEFFI charter. BFF president Derek Fletcher said the state’s TEFFI law should be amended during the upcoming session to recognize movement toward digitization of asset ownership. He said the state’s $250,000 application fee for a TEFFI was too high, despite the scheduled lowering of that fee to $100,000 next year. He said the fee was a barrier to entry into the TEFFI business world. If the Legislature took up a TEFFI reform bill, the state banking commissioner said lawmakers should include provisions that would address voluntary or involuntary termination of BFF operations or of any subsequent TEFFI. Beneficient executives previously opposed placement into statute of language that outlined what would happen if a TEFFI was declared insolvent. In the past, Sen. Tom Holland, D-Baldwin City, was unsuccessful in generating interest in legislation that would grant state regulators the authority to suspend Beneficient’s operations. Holland also had sought a state-led inquiry of Beneficient and Beneficient’s former parent company, GWG Holdings. A federal lawsuit alleges GWG Holdings misled investors by selling hundreds of millions of dollars in bonds. GWG Holdings spun off Beneficient in 2022 as the Legislature was engaged in developing a program to create the TEFFI sought by Beneficient.

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