June 27, 2012 – A better than average funded ratio is moving talk of switching from defined benefit to defined contribution off the agenda in Wichita, Kansas.
The city’s DB scheme is in “positive” shape, city council was told this week, news that negates any push to move away from a traditional pension model for employees. The scheme is better funded than most municipal plans, council was told.
In fact, at a funded ratio of 90 per cent or more for its public pension systems, covering municipal employees, fire and police services, the city has better funded plans than in most American public systems, federal, state or municipal.
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• ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans.
