Ex-US Senator, Nobel Winner Talk Pensions In Kansas

By: AP (Posted by Josh Mabry)
By: AP (Posted by Josh Mabry)

TOPEKA, Kan. (AP) _ Kansas legislators are hearing a pitch for starting a 401(k)-style pension plan for new teachers and government workers from former U.S. Sen. Bill Bradley of New Jersey and a Nobel Prize-winning economist.

Bradley and the economist, Robert Merton, a finance professor at the Massachusetts Institute of Technology, spoke Monday to the Kansas House Pensions and Benefits Committee.

Bradley and Merton advise Austin, Texas-based Dimensional Fund Advisors, which manages such plans in the private sector. They told Kansas lawmakers they could pursue innovations in managing a new plan that would make it friendly to employees.

The committee has been working quietly for weeks on legislation aimed at bolstering the long-term financial health of the state pension system. Part of its plan is a 401(K)-style plan for new hires.


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