Kan. House panel endorses cut in public pensions

Patriot · March 09, 2011, 02:20:45 PM

Kan. House panel endorses cut in public pensions
CNBC.com
Published: Wednesday, 9 Mar 2011 | 1:41 PM ET

TOPEKA, Kan. - A Kansas House committee endorsed a bill Wednesday that would cut future retirement benefits for current teachers and government workers to help solve the long-term funding woes of their pension system.

The measure that cleared the Pensions and Benefits Committee on a voice vote also would increase the state's annual contributions to the Kansas Public Employees Retirement System and increase the age at which many teachers and government workers could start drawing full retirement benefits.

The bill goes against a longstanding assumption that's governed past debates over pension legislation, that the state constitution and Kansas law prevent the state from altering its public pension plans by forcing lower benefits on current participants. But committee members said they're compelled to act because of the projected $7.7 billion gap between anticipated KPERS revenues and promised benefits over the next few decades.

Full article: http://www.cnbc.com/id/41991524

PrehistoricRez · March 10, 2011, 12:34:00 AM

The state should give the public employees ie. teachers, the option to opt out of kpers. and going further all working people should have the option to opt of of medicare and social security

Patriot · March 10, 2011, 09:48:46 AM

Quote from: PrehistoricRez on March 10, 2011, 12:34:00 AM
The state should give the public employees ie. teachers, the option to opt out of kpers. and going further all working people should have the option to opt of of medicare and social security

There legal provisions for opting out of SS/MC and waiving all future claim. But I think it's limited to special groups with religious objections like the Amish.

srkruzich · March 10, 2011, 09:52:13 AM

IF you haven't seen the news, the capitol building is in hostage crisis now. The senators can't leave because of the MOB. THe governor is looking into calling in swat and national guard.

Patriot · March 10, 2011, 10:05:29 AM

Quote from: srkruzich on March 10, 2011, 09:52:13 AM
IF you haven't seen the news, the capitol building is in hostage crisis now. The senators can't leave because of the MOB. THe governor is looking into calling in swat and national guard.

That's Wisconsin, no?

srkruzich · March 10, 2011, 11:23:30 AM

Quote from: Patriot on March 10, 2011, 10:05:29 AM
That's Wisconsin, no?

Yep it is. Watch it spread. The vitrol of frances fox piven is alive and well.