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State charged by federal agency over KPERS disclosures

The State of Kansas has been charged with securities fraud by a federal agency, after allegedly misleading investors about the financial health of KPERS.

 

According to the Associated Press, the Securities and Exchange Commission said Monday that the state has consented to a cease-and-desist order to settle the case, in regard to the underfunded public employee pension system. 

The SEC says Kansas has implemented remedial actions and agreed to settle the charges for its prior incomplete disclosure. The SEC notice applies to claims from Aug. 2009 to July 2010.

Emporia Rep. Don Hill says there's no cause for alarm, as these charges won't affect the improving health of KPERS.

No monetary actions were imposed, and the state has since adopted policies and procedures to help ensure pension liabilities are made clear in its bond offerings.

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