Archive for Thursday, November 12, 2009
Legislators to meet next week to discuss underfunded state pension system
November 12, 2009
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Topeka — A panel of Kansas legislators meets next week to address the state pension system's long-term funding problems.
The Joint Committee on Pensions, Investments and Benefits is scheduled to meet Tuesday to discuss the Kansas Public Employees Retirement System.
A recent report by University of Kansas economists describes the pension system as "bankrupt."
KPERS officials, Gov. Mark Parkinson and some legislators say the description is inaccurate because retirees' current benefits aren't in danger.
But they acknowledge there's a big gap between the system's projected income and expenses over the next 25 years. At the end of last year, KPERS said the shortfall was $8.3 billion.
More like this
- KPERS problems to be reviewed in Tuesday hearing 4 comments / October 13, 2009
- Report says KPERS needs overhaul to remain solvent 21 comments / September 23, 2009
- Panel endorses $500 million bond issue to bolster state's dwindling pension fund December 2, 2003
- KPERS hits record unfunded actuarial liability of $8.3 billion 44 comments / July 17, 2009
- KPERS losses may require extra funding, officials say 19 comments / October 14, 2008
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12 November 2009
at 11:17 a.m.
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Boston_Corbett (Anonymous) says…
“A recent report by University of Kansas economists describes the pension system as “bankrupt.”
__________
It is economist, singular, I believe.
And he is clearly funded, bought and paid for by the anti-government, anti-tax Koch's, in a similar vein to Americans For Prosperity. They have never met a government function which they agree with, except those that protect their own markets and profits.
If his use of the word “bankrupt” is appropriate, you would have to use the same term to describe virtually every defined benefit pension program in the country.
12 November 2009
at 11:42 a.m.
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KU_cynic (Anonymous) says…
Let's be precise: KPERS is not bankrupt in the sense that the state can't draw down its accounts to meet promised payments for the next several years.
But, KPERS is indeed bankrupt in the sense that the present value of promised benefits vastly exceeds the current fund balance and then PV of expected future contributiions.
I've heard a figure — probably need to be updated a bit given recent stock markets movements, but it would remain grim. Every Kansas household would have to pay $10,000 in taxes right now to make KPERS sound.
Does that sound serious? You bet.
12 November 2009
at 1:24 p.m.
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yankeevet (Anonymous) says…
so much for a retirement system from KPERS….can i have my money back……….??
12 November 2009
at 4:50 p.m.
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toe (Anonymous) says…
KPERS has been a poorly run pension fund ever since they invested in Ward Park Mall in the 80's,