Governor Sam Brownback has signed into law a bill aimed at fixing a deficit in KPERS – The Kansas Public Employees Retirement System. The bill would require employees, the state and local governments to pay more into the public pension system. It also creates a commission to study other retirement plan options. Brownback says the current system isn’t sustainable, and the state needs to change to a 401(k)-style plan.
The increased payments into KPERS would start in 2012, after lawmakers vote on the study commission’s recommendations.