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House committee advances modest tweak to KPERS' Capers 3 profit-sharing formula
Summary
Lawmakers in committee approved a change to the Capers 3 dividend-sharing formula that would shift the threshold and employee share of excess returns; supporters said it's an affordable improvement, critics warned of long-term fiscal costs.
A measure that adjusts how Capers 3 retirement plan members share investment returns cleared the Committee of the Whole after debate over fiscal consequences.
Representative Jared Poeheisel, the bill carrier, said the change does not reclassify members into a different retirement tier but adjusts the formula for distributing investment gains to Capers 3 accounts. Under current law Capers 3 participants receive a guaranteed 4% interest plus…
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