Members of a committee tasked with monitoring the Kansas Public Employees Retirement System have taken a preemptive stance against refinancing the public pension system’s unfunded liability.
The Reflector reports that Representative Jim Kelly, an Independence Republican, proposed the 2021 Legislature put off refinancing the state’s 40-year plan to pay off debt to the KPERS fund.
No members of the bipartisan committee expressed any disagreements with the recommendation.
The action comes in anticipation that Governor Laura Kelly will again propose a bill including some form of refinancing this upcoming legislative session.
In 1993, lawmakers put in place a 40-year payment plan to pay off decades of debt to KPERS.
In both 2019 and 2020, Kelly suggested extending payments over another 30 years.
In both years, GOP lawmakers balked at the idea, noting the plan would also add $4.4 billion to the overall payment plan.