Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
KPERS director outlines plan structures, options to alter KPERS‑3 benefit levers and costs of COLA scenarios
Summary
The Kansas Public Employees Retirement System (KPERS) outlined the three plan tiers, explained how KPERS‑3 differs from KPERS‑1 and KPERS‑2, and provided cost estimates for several possible changes to KPERS‑3 (employer pay credits, guaranteed interest crediting, annuitization rate) and for example cost‑of‑living adjustment scenarios.
Alan Conroy, Executive Director of the Kansas Public Employees Retirement System (KPERS), presented an overview of KPERS plan design for the Special Committee on State Employee Compensation and outlined how changes to KPERS‑3 design elements or ad‑hoc cost‑of‑living adjustments would affect liabilities and employer costs.
Plan design: Conroy summarized the three KPERS tiers. KPERS‑1 (members before July 1, 2009) and KPERS‑2 (members between 2009 and 2014) are traditional defined‑benefit plans with final average salary formulas; KPERS‑3 (members hired January 1, 2015, and later) is a career‑average hybrid that includes…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
