KPERS: $177 million in extra funding needed next year to keep system on track
TOPEKA — Lawmakers will need to pony up an additional $177 million next year to keep the state’s pension system on track, another point of concern as the Legislature crafts a budget in the coming months after less-than-rosy revenue projections.
The rounded figure represents a $61 million employer contribution increase called for in the next fiscal year, which begins in July, combined with a $115 million payment due in June 2018 that lawmakers decided to put off earlier this year.
KPERS Director Alan Conroy included the numbers on a draft graphic he shared with the pension system’s board Monday. Board members offered suggestions on design and wording, with the understanding the visual will eventually go to lawmakers, Gov. Sam Brownback and pensioners.
The graphic includes an outlook gauge, similar to a gas tank gauge, dialed nearly into the red zone for employer contributions in the state-school group. The graphic says a $177 million increase in employer contributions is needed in fiscal year 2018 to “keep state contributions on track.”
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