|

Big jump in State pension system’s funding gap

AP) — The Kansas public pension system says it had robust investment gains last year but still saw its long-term funding gap grow to $10.2 billion.money stock market

The gap widened because the Kansas Public Employees Retirement System was still booking deferred losses from the 2008 collapse of financial markets.

A Kansas House committee reviewed the figures Wednesday.

The gap represents the difference between anticipated revenues and promised benefits through 2033. The figure for the end of 2011 was about $9.2 billion.

KPERS reported earning 14.5 percent on its investments last year. Also, legislators enacted laws in 2011 and 2012 to overhaul the pension system to boost its long-term financial health.

But the system’s assets would cover only 56 percent of its long-term commitments.

 

KSKOLLECTIONSBLACK-FRIDAY
Commenting Disclaimer
  • Be respectful. 
  • Do not use obscene, profane or vulgar language.
  • Do not make accusations or personal attacks
  • Comments considered to be 'trolling' or for the sole purpose of angering others will be removed.