Kansas lawmakers OK plan to issue $1 billion in bonds to shore up public pension system
Kansas is expected to issue $1 billion in bonds later this year to bolster its pension system for teachers and government workers.
Legislators gave final approval Thursday to a bill authorizing the bonds. The Senate approved the measure on a 23-16 vote after the House passed it Wednesday on a 63-57 vote.
The measure now heads to Republican Gov. Sam Brownback, who praised the idea before the Senate's vote. He had proposed $1.5 billion in bonds.
The pension system would get an infusion of cash, narrowing a long-term gap in funding for pension benefits. The state expects to earn more from investing the new funds than it would pay on the bonds.
But critics see the move as risky.