|KOSE Press Release 1/12/2012|
Brownback's KPERS plan is bad math
Tonight during the State of the State address, Brownback inaccurately described the events leading up to the current underfunding of KPERS as legislators failing to keep their promises. For over a decade firefighters, teachers, police officers, social workers and corrections officers paid their required amount while their employer failed its responsibility. Those very same employees who kept their promises throughout the years have publically stated they are willing to pay more.
“The plan outlined by the Governor is simply bad math. KOSE endorsed a plan last year to tackle the unfunded liability with shared sacrifices from both the employee and employer. Our plan was responsible and cost effective in solving the unfunded liability issue,” Michelle Walters, KOSE President said. “The only thing the Governor’s plan would do is increase the unfunded liability and takes more security away from those in public service while costing the state more.”
With an unfunded actuarial liability of over $8.3 billion, the governor’s plan for KPERS would further expand this amount by another $1.2 billion and attempt to resolve the unfunded liability by 2035. The total tab for the Governor’s proposed new plan between 2035 and 2060? An additional $13.3 billion.
“The Governor has pushed through an agenda based on ideology and not facts. This is a partisan attempt that actually shifts more of a burden to the state. The very simple truth is that taxpayers will pay more for his plan than the compromise from last session,” Walters said. “The Governor has a responsibility to spend taxpayer money responsibly and to keep promises to those serving the public. The Governor’s plan spends $15 billion and does neither.”