The public pension system for Kansas teachers and government workers says its long-term financial health improved last year.
The Kansas Public Employees Retirement System is citing a recent report showing a 3 percent decrease in the gap between its anticipated revenues and the cost of benefits promised to retirees over the next 18 years.
The figure was projected at $9.47 billion for the end of 2014. The year-end figure for 2013 was $9.77 billion. The difference was $298 million.
The state committed in 2012 to increasing its contributions to KPERS over time, and it also changed benefit plans for new employees.
The new estimate doesn’t reflect the state’s decision to issue $1 billion in bonds for the pension system to bolster its short-term financial health.