Kansas House approves bill to authorize $1B in pension bonds

? The Kansas House has narrowly approved a bill authorizing $1 billion in bonds to bolster the short-term financial health of the pension system for teachers and government workers.

The vote Wednesday was 63-57 on a compromise drafted by House and Senate negotiators. The Senate expects to vote Thursday on the proposal, and approval then would send the measure to Republican Gov. Sam Brownback.

Issuing bonds would give the Kansas Public Employees Retirement System an infusion of cash, immediately narrowing a long-term gap in the funding for retirement benefits. Supporters believe KPERS will earn significantly more from investing the funds raised than it will pay on the bonds.

Brownback proposed $1.5 billion in pension bonds.

Critics see the idea as risky.

The vote came as lawmakers also negotiated over budget issues.