TOPEKA, Kan. (AP) The Kansas Senate is preparing to vote on a bill designed to bolster the long-term financial health of the state pension system for teachers and government workers.
The measure on the Senate’s agenda Thursday is a compromise drafted by negotiators who settled differences between the two chambers. If the House also approves it, the plan will go to Gov. Sam Brownback.
The compromise includes a plan to use casino revenues to bolster the long-term financial health of the Kansas Public Employees Retirement System.
The legislation also includes a new retirement plan for public employees hired after 2014. The proposal calls for moving away from traditional plans guaranteeing retirement benefits based on a worker’s salary and years of service. But the new plan also isn’t a 401(k)-style plan.