State Pension Plan Actuaries are reporting that the gap between the retirement benefits Kansas has promised to pay teachers and government workers and the money it will have to keep those promises widened to $8.3-billion in 2010.
The losses are due in large part to some lingering effects of nearly $3-billion lost to the Kansas Public Employees Retirement System in the 2008 Wall Street meltdown.
A special KPERS study commission begins work on July 22nd to try to find solutions to the program’s funding woes. The group was created in the last state legislative session and is mandated to look at a variety of ways to fix the system’s financial problems and to offer solutions to the 2012 Legislature.
Proposed reforms already include measures that would require teachers and governmental workers to increase the percentage of their paychecks that is contributed to KPERS and increased contributions from taxpayers who put up the share state and local government employees contribute.