Kansas pension system

Stephen Koranda

A Kansas House committee is reviewing Governor Sam Brownback's proposal to issue $1.5 billion dollars in bonds, to help lower the state's annual costs in funding pensions for teachers and government workers.

The House Pensions and Benefits Committee's focus today is on a bill authorizing the bonds if the state would pay interest of 5 percent or less to bondholders.

The Kansas Public Employees Retirement System, or KPERS, has a projected long-term funding gap of $9.8 billion dollars, and the state has committed to raising annual contributions to eliminate it by 2033.

The U.S Securities and Exchange Commission says Kansas violated federal law in 2009 and 2010 by not disclosing enough information when selling state bonds. The same announcement also says that while Kansas committed fraud, the state has taken steps to fix the disclosure issues.

The announcement says that when Kansas was selling bonds, the state didn't properly disclose the projected deficit in the Kansas Public Employees Retirement System, or KPERS. 

A first round approval was given to a bill that would help support the state pension system; Kansas Senate to vote on gun-rights bill; Man charged in Koch cyber attack.

State Pension Plan Advances In House

Kansas House members have given first-round approval to a bill authorizing $1.5 billion in bonds.

The money will boost the financial state of the state pension system for teachers and government workers.


House Drops Pension Plan

Mar 21, 2013

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.