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Legislature Passes Benefit Change Bill
The Kansas Legislature has passed legislation that will create a new tier 3 “cash balance” retirement plan for new hires. It also includes benefit changes proposed last year for current members (HB 2194) and increases employer contributions to address the funding shortfall. Changes are necessary to make KPERS more sustainable and to pay promised benefits long-term.
A legislative conference committee negotiated a compromise between different plan details from the House and Senate to create final legislation, which passed both chambers Thursday.
More detail available here soon.
Conference committee report on Legislature's website.
Select Other Items in the Bill
What Is a Cash Balance Plan? (PDF, 93KB)