Commission votes to back 401k style plan for new teachers
A panel is recommending lawmakers create a new pension plan for state workers.
The commission has voted to back a plan to give 401k style retirement plans to new teachers and state workers. It’d affect staffers hired after 2013. The group has been tasked with trying to cut an anticipated eight billion dollar budget gap that’s being projected between revenues and the benefits given to Kansas public employees through the year 2033. Critics say the 401k investment backed plan isn’t a secure way to guarantee pensions.