TOPEKA, Kan. (AP) — The projected long-term funding shortfall for the Kansas public pension system has risen to nearly $8.3 billion.
Executive Director Glenn Deck said Wednesday that the Kansas Public Employees Retirement System is still recognizing investment losses from the start of the Great Recession in 2008. KPERS averages losses and gains over five years, to lessen the year-to-year swings in the value of its assets.
The new figure, released to KPERS trustees last week, is $587 million higher than the previous figure of almost $7.7 billion. The increase is about 8 percent.
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The figure represents the gap between anticipated revenues and benefits promised to teachers and other government workers through 2033.
KPERS expects the figure to drop significantly when a pensions law enacted this year takes effect.
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