Welcome to DU! The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards. Join the community: Create a free account Support DU (and get rid of ads!): Become a Star Member Latest Breaking News Editorials & Other Articles General Discussion The DU Lounge All Forums Issue Forums Culture Forums Alliance Forums Region Forums Support Forums Help & Search

Kansas

Showing Original Post only (View all)

TexasTowelie

(117,489 posts)
Sat Jan 14, 2017, 02:48 AM Jan 2017

Brownbacks budget remedy dramatically hikes KPERS unfunded liability [View all]

The fix to Kansas’ budget shortfall submitted by Gov. Sam Brownback would have the consequence of elevating the long-term unfunded liability of the state’s pension system by $6.5 billion, officials said Thursday.

Alan Conroy, executive director of Kansas Public Employees Retirement System, said the governor had recommended repeal of a state law obligating the state to make a deferred $97 million payment to the retirement system. The Republican governor also seeks to freeze annual state contributions to KPERS at 2016 levels, which eliminates the statutory 1.2 percent yearly increase.

He said a result of the changes urged by Brownback would be to deprive the system of nearly $600 million in contributions from the state government. The compounding effect of embracing the governor’s strategy will significantly elevate the unfunded liability at KPERS over the next 30 years, Conroy said.

“You can pay less now. Guess what? If you’re going to refinance, you’re going to pay more down the road,” Conroy told members of the Senate Ways and Means Committee.

Read more: http://cjonline.com/news/local/2017-01-12/brownback-s-budget-remedy-dramatically-hikes-kpers-unfunded-liability

2 replies = new reply since forum marked as read
Highlight: NoneDon't highlight anything 5 newestHighlight 5 most recent replies
Latest Discussions»Region Forums»Kansas»Brownbacks budget remedy ...»Reply #0