Are the savings worth the cost? Kelly plan will take longer to pay off KPERS debt

TOPEKA -- Just a few years ago, Kansas was on the hook for more than $10 billion in unfunded future pension payments to retirees. The health of its pension system, KPERS, was among the worst in the country.

Since then Kansas has whittled its unfunded liability to less than $7 billion and moved into the middle of the pack nationally in terms of pension health. The liability is set to drop by another $1 billion over the next decade.

Now, Gov. Laura Kelly wants to refinance the system by extending the time it will take KPERS to pay off its liability.

Pension experts compare the choice facing Kansas to refinancing a home mortgage: Are the short-term savings worth the long-term costs?

Read more here: https://www.kansascity.com/news/politics-government/article225079275.html