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The state's share of the district's statutory annual KPERS pension payment rose by nearly $3 million - a significant increase over prior years, though still short of the actuarially-determined level.
The Kansas Supreme Court flatly rejected KPERS's argument.
Three years later, when KPERS decided to cash out, management went in to debt again to pay $21 million to buy the fund's half of the company.
The KPERS lawsuit sought more than $100 million in alleged investment losses from the auditing firm, including a $65 million investment in 1986 in Home Savings & Loan Association, a thrift in Kansas City, Missouri, taken over by the Resolution Trust Corp.
In total, KPERS has written off $200 million in investments targeted for political reasons.
The long-term liability metric includes the county's participation in the multi-employer Kansas Public Employees Retirement System (KPERS) and the Kansas Police and Firemen's Retirement System (KP&F), which account for less than 15% of the overall burden.
The county participates in two cost sharing multiple-employer (CSME) defined benefit pension plans administered by the state, the Kansas Public Employees Retirement System (KPERS) and the Kansas Police and Firemen (KP&F) plan.
Employees are covered by the Kansas Public Employees Retirement System (KPERS) and Kansas Police and Firemen's Retirement System (KP&F) cost-sharing multiple-employer defined benefit pension plans.
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- KPFF, Inc.