Topeka Investment gains have reduced the unfunded actuarial liability in the Kansas public employee pension system, but the difference between the system’s assets and future pension obligations remains high, officials said Thursday.
The Kansas Public Employee Retirement System had a record unfunded actuarial liability of $8.3 billion as of Dec. 31, 2008 -- the day officials took a snapshot of the system.
On Dec. 31, 2009, that figure was lowered by $600 million to $7.7 billion.
“We’ve had some modest improvement,” said Glenn Deck, executive director of KPERS. “We still have a major longterm funding shortfall,” he said.
The unfunded actuarial liability doesn’t impact current benefits, but officials say a plan needs to be implemented to address the issue over the longterm.
KPERS provides retirement plans for state and local public employees, including teachers, and has more than 250,000 members.