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KPERS Forms Panel For $7.7B Underfunding

The Kansas Public Employees Retirement System has set up a 13 member bipartisan commission to deal with its $7.7 billion underfunding.

The Kansas Public Employees Retirement System (KPERS)has set up a 13 member bipartisan commission to deal with its $7.7 billion underfunding, Pensions & Investments reports. The commission will consider alternative investment plans for the $13.29 billion system and present its report by Jan. 6, 2012.

In case, the commission meets with the deadline, it will initiate a number of reforms included in the bill. The reforms include raising employer contribution by 0.1% each year, starting 2014 until the employer contribution totals 1.2% and using 80% of all proceeds from excess real estate property sales by the state to repay the unfunded pension liability.

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