A new finance bill would buy back bonds used to inject much-needed cash into the Kansas Public Employees Retirement System two years ago, potentially saving the state millions of dollars in future interest payments. The House Financial Institutions and Pensions Committee had a Monday hearing on House Bill 2102. The bill would allocate $250 million from the State General Fund to repurchase bonds issued two years ago under House Bill 2405. HB 2405 authorized the Kansas Development Finance Authority to issue bonds to pay off KPERS unfunded pension liabilities. The strategy was to lower the cost over a 30-year period, addressing a $6 billion unfunded liability in the state government worker and teacher portion of KPERS. The system received $500 million in 2021 as a result of the deal.
Source: Atchison Globe Now
