Topeka A Kansas commission studying pension issues has submitted its final report to legislators, recommending the state start a 401(k)-style plan for new teachers and government workers.
The commission's report was posted Friday on the Kansas Legislative Research Department website, a month after members approved their recommendations. But five of the 13 members submitted a minority report criticizing the proposal for a 401(k)-style plan.
The state pension system projects an $8.3 billion gap between anticipated revenues and benefits promised by existing plans through 2033.
Backers of the commission's proposal contend the state can't afford to keep guaranteeing workers' retirement benefits based on their salaries and years of service, as traditional plans do.
The commission's dissenters say starting a 401(k)-style plan doesn't do anything to close the pension system's long-term funding gap.