House rejects Governor Kelly’s pension refinancing plan
The Kansas House has rejected a measure that would extend out the time it would take to fully fund the state’s obligations to current and future retirees.
The Wichita Eagle reports that the House voted down the pension refinancing measure 36-87 on Thursday. Governor Laura Kelly put forward the plan as part of her state budget proposal. Kelly contends that the current contribution levels aren’t affordable.
Pension officials said the refinancing plan would save the state $770 million over the next five years. But over 30 years, Kansas would ultimately have to contribute $7.4 billion more than currently projected.
The plan faced widespread opposition among Republican lawmakers, who viewed it as Kelly’s way of freeing up funds for additional spending on public schools and government programs.