Plan For $1.5B In Pension Bonds Stalls In Kansas

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

TOPEKA, Kan. (AP) _ Legislation authorizing $1.5 billion in bonds to bolster the Kansas pension system for teachers and government workers has stalled in the state Senate.

A leading backer of the measure, House Pensions Committee Chairman Steve Johnson, said Wednesday the measure is now ``dead in the water.''

Johnson commented after Senate Ways and Means Committee Chairman Ty Masterson said he won't bring up the bill unless it's tied to a plan for starting a 401(k)-style pension plan for public employees.

The House approved the bonding bill last month, but its pensions committee tabled a proposal for a new 401(k)-style public pension plan.

If the bonds were issued, the state would pour the funds into the pension system, quickly boosting its assets.

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