Liberal, KS

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Kansas Lawmakers Agree On New Pension Plan

KSCB News - May 16, 2012 8:04 am

Negotiators for the Kansas House and Senate

have agreed on a proposal creating a new retirement plan for

teachers and government workers hired after 2014.

Three senators and three House members resolved the last of

their disagreements Tuesday on the pensions legislation.

It would move away from traditional state plans that guarantee

retirement benefits up front, based on a worker’s salary and years

of service. But it would not go as far as 401(k) plans that tie

benefits solely to the plan’s investment earnings.

The state would pay 5.25 percent interest on contributions from

workers and the state to employees’ retirement benefits. Workers

would get a lump sum upon retirement, which could be converted into

an annuity.

 

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