Derek Schmidt calls for using surplus to pay down $1 billion in KPERS debt, saving millions in long run

Attorney General Derek Schmidt wants lawmakers to use much of a projected $2.9 billion surplus to pay down public debt while also targeting tax relief for Kansans.

Schmidt is calling for lawmakers to send $1 billion in cash — or more — to the Kansas Public Employees Retirement System.

“The bottom line is we have a rare and unprecedented opportunity to fix this long-term pension debt problem that’s accumulated over a generation in Kansas, to shore up the system for current and future retirees, to wipe a huge chunk of expensive state debt off the books,” Schmidt said in a phone interview with The Capital-Journal.

Schmidt’s plan comes ahead of Monday’s start to the 2022 legislative session. He is the Republican frontrunner to challenge Democratic Gov. Laura Kelly in this year’s election.

Read the full story at CJ Online here.