TOPEKA — A special panel studying the funding gap in the Kansas Public Employees Retirement System says the state should convert the pension plan to a 401-K system. State Sen. Jeff King, R-Independence, said if the switch is OK’d by the legislature, it wouldn’t affect present employees. It would go in effect for new employees on July 1, 2013, he said. The recommendation passed on a split 8-5 vote. The switch would shift investment risk from the state to individual employees. King said the switch would prevent the state from facing budgetary time bombs like KPERS’ projected $8.3 billion shortfall. The proposal brought almost instant criticism. Critics and even King said the switch doesn’t solve the present shortfall.
Monday, Dec. 12, 4 p.m.
