2006 Kansas Code - 75-5529c

      75-5529c.   Same; oversight committee; duties. (a) The secretary of administration shall establish an administrative oversight committee on deferred compensation. The members of the administrative oversight committee on deferred compensation shall meet at least once each calendar quarter. The members of the administrative oversight committee on deferred compensation shall receive no compensation or expenses for service on the committee.

      (b)   The administrative oversight committee on deferred compensation shall:

      (1)   Advise and consult on the implementation and administration of the provisions of the Kansas public employees deferred compensation act and the deferred compensation plan;

      (2)   evaluate the program operations with respect to customer service and operations;

      (3)   evaluate investment performance as it relates to comparable options;

      (4)   evaluate program operations with respect to federal and state statutes and contractual requirements and as compared to other deferred compensation programs;

      (5)   review the overall administration of each agreement entered into under K.S.A. 75-5523 and amendments thereto for the deferred compensation plan and the overall performance by the qualified insurer or other qualified contracting party entering into such agreement;

      (6)   review the investment management fees under the deferred compensation plan for reasonableness compared with other deferred compensation programs;

      (7)   review audits conducted on the deferred compensation plan and other reports reviewing program operations thereunder to assure operations are following all applicable statutes and rules and regulations and to assure coverage of appropriate deferred compensation plan accounts of participants under the Kansas life and health insurance guaranty associations act;

      (8)   review overall performance of the contracting party under the agreement entered into under K.S.A. 75-5523 and amendments thereto for the deferred compensation plan that is in effect on the effective date of this act and determine whether or not competition should be initiated with other qualified insurers and other qualified contracting parties to enter into such agreements;

      (9)   review current procedures for handling complaints about the deferred compensation plan to ensure customer satisfaction and sharing of complaint information;

      (10)   evaluate on a continuing basis the need to provide participants with information regarding the provisions, requirements and procedures under the deferred compensation plan; and

      (11)   periodically prepare and present reports of the findings and results of the activities of the committee to the secretary of administration, the governor and the legislature, as appropriate.

      History:   L. 1998, ch. 18, § 2; July 1.