Kansas Legislators Strike Deal On Pensions Measure

By: AP (Posted by Melissa Brunner)
By: AP (Posted by Melissa Brunner)

TOPEKA, Kan. (AP) _ Negotiators for the Kansas House and Senate have agreed on a proposal creating a new retirement plan for teachers and government workers hired after 2014.

Three senators and three House members resolved the last of their disagreements Tuesday on the pensions legislation.

It would move away from traditional state plans that guarantee retirement benefits up front, based on a worker's salary and years of service. But it would not go as far as 401(k) plans that tie benefits solely to the plan's investment earnings.

The state would pay 5.25 percent interest on contributions from workers and the state to employees' retirement benefits. Workers would get a lump sum upon retirement, which could be converted into an annuity.

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