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Archive for Monday, March 28, 2011

Kansas House passes 401(k)-style public pension plan

March 28, 2011

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— The Kansas House has approved a bill that would start a new 401(k)-style pension plan for teachers and government workers.

The measure, approved on a 68-54 vote Monday, also would cut the future retirement benefits of public employees who don't join the new plan.

The House's action sends the measure to the Senate, which already has approved its own plan for dealing with long-term funding problems faced by the Kansas Public Employees Retirement System.

Senators are wary of moving toward a 401(k)-style plan for public employees, and the final version of pension legislation is likely to be drafted by negotiators for the two chambers.

The House requires teachers and government workers hired on or after July 1, 2013 to join the new 401(k)-style plan. Other workers could join, too.

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