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Kan. Senate to debate 401(k)-style pension plan

Published on -5/3/2012, 6:48 AM

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TOPEKA, Kan. (AP) -- The Kansas Senate's leading advocate of starting a 401(k)-style pension plan for new teachers and government workers says he'll push fellow senators to endorse the idea.

Sen. Jeff King, an Independence Republican, says he'll offer such a proposal during Thursday's debate on legislation designed to bolster the long-term financial health of the Kansas Public Employees Retirement System.

The pension system projects an $8.3 billion gap between its anticipated revenues and the benefits promised to public employees through 2033.

The bill before the Senate would require new hires to join a plan that's not a traditional one guaranteeing benefits up front based on their salaries and years of service. But it's also not a 401(k)-style plan, in which benefits are tied to investment earnings.

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