Senate Bill 362 increases the retirement age and employee contribution rate in the Kansas Public Employees Retirement System for employees hired after July 1, 2009.

Currently, KPERS members can retire under the 85-point rule, when their age plus years of service equal 85. For those hired after July 1, 2009, that rule is removed and the normal retirement age will be 60 with 30 years of service, or 65 with five years of service.

KPERS has assets of more than $12 billion, but the gap between its value and future obligations — called the unfunded liability — has grown to $5.1 billion. KPERS includes state employees, teachers and many local government workers.