A bill that would overhaul the Kansas Public Employees Retirement System, or KPERS, has been given first-round approval in the Kansas House. The plan currently offers a traditional pension, with retirement benefits based on salary and years of service. The bill would change KPERS to an investment plan offering workers a guaranteed 5 percent return. Lawmakers also added a second option, a 401(k)-style plan, where workers manage their own retirement investments. Representative Gene Suellentrop (SULLEN-trop), a Wichita Republican, supported the 401(k) provision.
Lawmakers also added an amendment to use gaming revenue to help pay down the $8 billion deficit KPERS is facing. Final action on the bill could come tomorrow (TUE).