Gov. Laura Kelly signed Thursday a bill transferring $1.15 billion to the state public employee retirement system. (Tim Carpenter/Kansas Reflector)
TOPEKA — Gov. Laura Kelly signed Thursday legislation transferring more than $1 billion from state coffers to cover historical underfunding of the Kansas Public Employees Retirement System.
Of the $1.125 billion drawn from the state general fund under Senate Bill 421, nearly $254 million will go toward paying off outstanding money owed for KPERS school employer contributions withheld in 2017 and 2019. The remaining $871 million is to be applied to the KPERS school unfunded liability.
These transfers will take place over two installments, totaling $853.9 million in 2022 and two additional payments subject to State Finance Council approval in 2023 of remaining funds.
Kelly said the payments would provide immediate and long-term value by reducing debt owed and improving upon historically strong financial footing in the state.
“Balancing the budget, paying off debt, and providing financial relief for Kansans has always been my top priority – and today we delivered on that promise,” Kelly said. “We’re fixing the damage done to KPERS because our public service employees and retirees deserve their retirement fund to be replenished after the previous administration skipped payments to cover reckless tax policy.”
The measure passed 26 to 10 in the Senate, with only a few senators breaking party lines, and 106 to 10 in the House.
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