Kansas Public Employees Retirement System, Topeka, is considering changes to the $10.3 billion pension fund that could reduce contributions, raise the retirement age and cut the vesting time for new state employees to five years, said Glenn Deck, executive director. Current employees must work for 10 years to be vested. The pension fund is in the early stages of an evaluation in conjunction with state lawmakers to increase returns in the face of a volatile market. Milliman Consultants and Actuaries will develop cost estimates summarizing the potential effects of reduced contributions.
Separately, Ennis Knupp, the plan's investment consultant, is conducting an asset-liability study of the fund; its results will be presented to the system's board Sept. 16.