Archive for Wednesday, November 17, 2010

KPERS board to review $7.7 billion gap in pension obligations Thursday

November 17, 2010

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— The Board of Trustees for the Kansas Public Employees Retirement System is reviewing its long-term funding problems.

The issue is on the agenda for a meeting of the board Thursday.

KPERS officials say there's a gap of nearly $7.7 billion between its long-term obligations to pensioners and its projected income.

The system has assets valued at $13.5 billion and covers 250,000 teachers, government employees and retirees.

The unfunded liability doesn't threaten current payments to retirees. But state official see stabilizing the system's long-term financial health as a big budget issue in coming years.

Comments

KU_cynic 4 years, 5 months ago

Indeed. That funding gap works out to be nearly $3,000 for every man, woman, and child in Kansas, or about $7,000 per household. For comparison, median household income in Kansas is about $50,000.

This is a big problem. The Republicans are now in charge. Do something, will ya?

bd 4 years, 5 months ago

Can't blame this one on BUSH!

TEA ANYONE????

Alceste 4 years, 5 months ago

Glen Deck, Executive Director of KPERS is one of THE highest paid Kansas civil servant's in the State (OVER $160.000.00 per year). His crony, Peppard,Scott T is also highly paid, at well over $120, 000.00 per year. (Peppard is the " Investment Officer"....although he MAY have moved on....why would he though?).

Shouldn't these executives be held accountable? Many, many other states got rid of their suit and tie boys who were being lazy in their collective analysis "methods" of "the markets".

In any event, the state of Kansas KPERS needs to CAN Deck.....and all his cronies.... Good Riddance....

KU_cynic 4 years, 5 months ago

I don't think it's unreasonable to pay those kind of salaries to manage a pension fund as large as KPERS.

The problem is that legislatures over several years have over-promised public employees and/or under-taxed taxpayers with respect to these future liabilities.

Alceste 4 years, 5 months ago

It MAY not be unreasonable IF they PRODUCE RESULTS.....these hillbillies have produced NADA.....NOTHING.....and have lost, indeed, have LOST great sums of money. Let the market place dictate: Their "performance".....or rather lack thereof....documents their NEED to be TERMINATED.....just like the coach of a damn college football team....let alone a PRO team.....again.....GOOD RIDDANCE......let them dangle....throw the switch....whatever metaphor one prefers....OUT WITH THE OLD!!!! IN WITH THE NEW!!!!

itwasthedukes 4 years, 5 months ago

Don't worry, they have taxing authority. We will all pay. The collective is dangerous. I don't know why people can't see this.

Richard Payton 4 years, 5 months ago

New acronym for KPERS = Kitty Poor Retirement System! Must be funded like social security?

Richard Payton 4 years, 5 months ago

Kitty Poor Educational Retirement System.

ferrislives 4 years, 5 months ago

First off, the Republicans in the KS congress are to blame because they have been in power for years, and have refused to budget appropriately when it comes to KPERS.

Secondly, these employees are forced to put in at least 5% of their paychecks each year into the system, so it's only fair that they get their retirement back in full.

Don't blame the employees, blame the state government that didn't do its job!

notajayhawk 4 years, 5 months ago

"Secondly, these employees are forced to put in at least 5% of their paychecks each year into the system, so it's only fair that they get their retirement back in full."

They're welcome to their 5% back.

ferrislives 4 years, 5 months ago

You're obviously not getting it notajayhawk, THEY HAVE NO CHOICE! It's automatically taken out of their paychecks after one year of service.

Why don't you convince your beloved Republicans to let them decide what to do with their money? Or do you not have the guts to do that to your favorite politicians?

notajayhawk 4 years, 5 months ago

"You're obviously not getting it notajayhawk"

Uh, yeah.

Did I say anything in my post about whether they had the choice to pay into the system, spanky? And as to getting their 5% back, speaking of educating yourself, you might consider a dictionary - start with the word "sarcasm".

By the way, ferris, when you get done with your 'it's all the Republican's fault' rant, you might want to consider that KPERS lost billions of dollars when their investments went south. That was a pretty common occurrence over the past couple of years, and not everyone has the luxury of having the taxpayers foot the bill for their investment managers being fools.

ferrislives 4 years, 5 months ago

You should educate yourself before making such stupid comments notajayhawk!

guavablues 4 years, 5 months ago

I would have loved to have that 5% back at the time I had it and invested it myself. I would be much better off.

gl0ck0wn3r 4 years, 5 months ago

Indeed... Let's privatize the system and other systems like it.

Oh and lulz at the guy complaining the director makes 160k a year. You won't find many asset managers willing to manage a fund that large for that little. Base your complaints on performance, not pay.

werekoala 4 years, 5 months ago

I love this. Citizens wanted to attract well-qualified employees for state and local government positions, so they offered a strong pension system. Pensions should be easy because you can pretty much plan out your expenses 40 years in advance.

But then the citizens decided that just because they enjoyed the benefit of having these employees serving them; didn't mean they thought they shoudl have to pay for it. And they were encouraged by politicians who realized they could easily get elected today by putting off dealing with any problems until tomorrow. So for 20 years now the state and local governments have failed to live up to the commitments they freely made and treated KPERS liek a credit card.

Want to cut taxes? Heck, just take a little out of what we were supposed to put into KPERS this year! Want a shiny new city hall? What do those bean-counters know, we can cut our KPERS payments, just this year. And the next year, its: "Hey, we don't have to pay KPERS for 20 more years; we need better roads today!" And every year the gap grew a little bigger, because "fiscal conservatism" in Kansas means "low taxes", not "planning for the future".

So now they're laying the groundwork to yank the rug out from under all the state and municipal workers who have spent their lives doing the work that we said we wanted them to do. Just not enough to pay them for...

And a pre-emptive "Blah" to the contingent of this message board who won't be happy until no government employee makes more than minimum wage. If you're really jealous because you think that government work is a bunch of easy featherbedded make-work; why don't you apply your rugged individualism to getting hired on? Either you're not qualified, or you are enjoying your current routine of complaining about socialism while collecting disability checks too much to want to change it. . .

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