TOPEKA, Kan. (AP) -- The top administrator of the retirement system for Kansas teachers and government workers says it would benefit from a legislative proposal to issue $1.5 billion in pension bonds.
Executive Director Alan Conroy told the House pensions committee Monday that its plan would boost the short-term financial health of the Kansas Public Employees Retirement System.
KPERS projects a $9.3 billion gap between anticipated revenues and the benefits promised to public employees through 2033. Its assets now cover 53 percent of its obligations.
Legislators made changes last year to close the gap. But KPERS officials say dumping bond proceeds into the retirement system would boost the funding ration to 61 percent in 2015 and accelerate its rise toward 100 percent.
Tax dollars already contributed to KPERS would pay off the bonds.