House Drops Pension Plan
Republican legislators in Kansas who want to put new government employees in a 401(k)-style pension plan have abandoned an effort to pass legislation this year.
The GOP-controlled House Pensions and Benefits Committee on Thursday tabled a bill that would have set up such a plan for state and local government employees hired after 2014. The bill would set up a separate, retirement plan for new teachers, also moving them away from traditional pension plans that guarantee benefits up front, based on a worker's years of experience and final salary.
Committee members said they'd like to move forward with the legislation but don't think they have enough time in this year's legislative session to hash out the details. Lawmakers hope to wrap up most of their work April 5.