Topeka ? Bad news on the investment front for the Kansas Public Employees Retirement System.

KPERS officials told lawmakers Wednesday that earnings on investments for the calendar year are running at 2.6 percent.

Recently, the state purchased bonds to shore up the pension system. Officials at the time said they expected KPERS to earn 8 percent annually on investments.

But now KPERS officials are saying that 8 percent mark will be hard to hit without becoming more aggressive in the fund’s investment strategy.

“It’s a very, very significant challenge to generate that return without exposing ourselves to volatility,” said Rob Woodard, chief investment office for KPERS.

KPERS manages assets of $10.3 billion.

The KPERS report was made to the House-Senate Committee on Pensions, Investments and Benefits.