A $92.6 million contribution to the $16 billion Kansas Public Employees Retirement System scheduled for Friday, will be delayed, said Gov. Sam Brownback’s office.
Shawn Sullivan, state budget director, said in a statement April 8 the move will provide flexibility in advance of revenue estimates later this month. How long the payment will be delayed could not immediately be learned.
Current retiree benefits are not affected, Mr. Sullivan said.
“A delay in the payment does not affect benefits to any KPERS members,” Mr. Sullivan said, in a statement on the governor’s website. “No decision has been made as to whether this will be used as a budget balancing tool for this fiscal year, but this action allows us to maintain the flexibility provided by the Legislature through the budget bill as we wait for the Consensus Revenue Estimating Group to provide new revenue numbers later this month.”
The Kansas Department of Revenue announced earlier this month that fiscal year 2016 total tax receipts through March were $81.3 million below estimates. The Consensus Revenue Estimating Group is scheduled to meet April 20.
A spokeswoman for Mr. Brownback could not immediately provide further information.
KPERS was 67% funded as of Dec. 15. A spokeswoman for the Topeka-based pension fund not immediately be reached for comment.