There is a similar House version of the bill which is HB2253.
The bill creates restrictions on KPERS (not KP&F) retirees working after retirement in KPERS positions. It exempts persons working for KLETC and local elected officials. It establishes a $25,000 earnings cap, and as explained in committee is supposed to allow monthly retirement benefits to be paid until that $25,000 earnings cap is reached at which time monthly benefits stop for the remainder of the calendar year. Click on this link for a document with a full analysis of the bill.
ADDED 5/5/15: Click this link for a working after retirement flow chart prepared by KPERS based on the bill draft for SB299 which became Senate Substitute for HB2095.