KPERS reports steady funding progress; trustees, staff flag salary growth and deferred 2022 market losses

KPERS Executive Director Alan Conroy told the House Financial Institutions and Pensions Committee that the system's 2024 actuarial valuation shows “steady progress,” with all employer groups paying the actuarially required contribution and the state‑school funded ratio ticking up slightly to 75.3%.

Conroy said the system's overall funded ratio remained about 74% and that the unfunded actuarial liability for the system increased “about $300 million” from roughly $9.7 billion to about $10.0 billion in the most recent valuation. He described the 2022 market downturn — a sharp drop in December 2022 that the staff estimated erased several hundred million dollars in market value — as still being partially reflected through actuarial smoothing and noted there are roughly $900 million to $1.0…