Kansas Senate To Debate 401(k)-Style Pension Plan

By: AP, Posted by Chris Fisher
By: AP, Posted by Chris Fisher

TOPEKA, Kan. (AP) _ The Kansas Senate's leading advocate of starting a 401(k)-style pension plan for new teachers and government workers says he'll push fellow senators to endorse the idea.

Sen. Jeff King, an Independence Republican, says he'll offer such a proposal during Thursday's debate on legislation designed to bolster the long-term financial health of the Kansas Public Employees Retirement System.

The pension system projects an $8.3 billion gap between its anticipated revenues and the benefits promised to public employees through 2033.

The bill before the Senate would require new hires to join a plan that's not a traditional one guaranteeing benefits up front based on their salaries and years of service. But it's also not a 401(k)-style plan, in which benefits are tied to investment earnings.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
631 SW Commerce Pl. Topeka, Kansas 66615 phone: 785-272-6397 fax: 785-272-1363 email: feedback@wibw.com
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 149972605