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Joint KPERS committee recommends $1 billion extraordinary payment, studies Tier 3 and COLA financing
Summary
A legislative interim committee reviewed KPERS reports, recommended consideration of an extraordinary $1 billion payment, further study of the deferred retirement option program and targeted changes to the Tier 3 (cash‑balance) plan, and urged that any cost‑of‑living changes be financed when enacted to avoid increasing KPERS' unfunded liability.
A joint interim committee that monitors the Kansas Public Employees Retirement System (KPERS) presented its report and recommendations to the Senate Committee on Financial Institutions and Pensions on an interim agenda item, summarizing annual actuarial, investment and program reviews.
The committee, a statutory joint body charged with monitoring KPERS, recommended that the Legislature consider an extraordinary KPERS payment of $1,000,000,000 to continue reducing the system’s unfunded actuarial liability. Assistant Director for Research Eddie Penner said the committee ‘‘recommend[ed] specific legislative consideration’’ of that payment and other measures.
The nut graf: the report covered routine KPERS updates — funded ratio, contribution schedule, investment returns and administration — and flagged three areas for legislative action or further study: (1) potential extraordinary payments to reduce unfunded liabilities; (2) additional review of the deferred retirement option program; and (3) careful, narrowly targeted…
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