Kansas Senate Passes Pension Bill

By: Associated Press Email
By: Associated Press Email

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May 3, 2012

The Kansas Senate has rejected a proposal for a 401(k)-style retirement plan for some public employees but approved other changes for the state pension system.

An amendment creating a 401(k)-type plan for teachers and
government workers hired after 2013 failed Thursday on a 20-20
vote.

But a larger bill meant to bolster the state pension system's
long-term health passed on a vote of 32-8 and now goes to the
House. The measure is not a 401(k)-type system, but it does require
new hires to join a plan that departs from the traditional
guarantee of benefits based on salaries and years of service.

Officials of the pension system expect an $8.3 billion gap
between anticipated revenues and benefits through 2033.


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