In a 20-20 vote, the Senate rejected a proposal to put new teachers and state employees on a 401(k)-style retirement plan on Thursday.
The move, offered by Sen. Jeff King, R-Independence, would have required employees to contribute 6 percent of their salaries to the Kansas Public Employees Retirement System and ratcheted up the state’s contribution from 1 percent to 5 percent over eight years.
That would have made employees’ investments subject to the ebb and flow of the stock market, but it would have guaranteed that they got back at least as much as they put into the plan.
(from Wichita Eagle: News http://www.kansas.com/2012/05/03/2320684/kansas-senate-to-debate-401k-style.html)