Brownback Backs Using Casino Funds On Pensions

By: Associated Press
By: Associated Press

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Monday, March 26, 2012

Kansas Gov. Sam Brownback has endorsed a proposal to use revenues from state-owned casinos to bolster the long-term financial health of the pension system for teachers and government workers.

Brownback said in his most recent Statehouse news conference that a measure to divert some casino revenues to the Kansas Public Employees Retirement System would help keep the state's credit ratings from slipping. The proposal has passed the House in a larger bill aimed at shoring up KPERS.

The pension system projects an $8.3 billion shortfall between anticipated revenues and retirement benefits promised to public employees through 2033. Supporters think casinos could provide several billion dollars for KPERS over that time.

Kansas has licensed developers to operate casinos in the Dodge
City, Kansas City and Wichita areas.

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