GOVERNOR APPOINTS FIVE TO KPERS STUDY COMMISSION.

TOPEKA, Kan. -- The following information was released by the office of the Governor of Kansas:

Kansas Governor Sam Brownback announced his appointments to the Kansas Public Employees Retirement System (KPERS) Study Commission today. The five appointments are Edward Condon, Leawood; Christopher Long, Mission Hills; Paul Seyferth, Fairview; Richard Stumpf, Wichita; and. Brian Winter, Dodge City. KPERS faces a nearly $8 billion shortfall.

Signed into law by Governor Brownback last month, Senate Sub. for House Bill 2194 establishes the 13-member KPERS Study Commission to consider alternative retirement plans, including defined contribution plans, hybrid plans that could include a defined contribution component, and other possible plans. Other members will be appointed by Legislative leadership.

"I am pleased these Kansans have agreed to share their expertise and experience and will work with me and the Kansas Legislature to address the KPERS shortfall and ensure Kansas families who rely on KPERS have a retirement system they can depend upon," Gov. Brownback said. "Independent analysts have found the structure of KPERS remains unsustainable. The commission needs to protect existing beneficiaries and move towards a defined contribution system for all new state employees in order to restore balance and security to KPERS. Adoption of such recommendations will be a top priority for the next legislative session."

Edward Condon has more than 26 years of experience in the financial services industry. He is currently the Chief Operating Officer of Sterneck Capital Management, LLC. He earned a Bachelor of Economics degree from Fairfield University.

Christopher Long has more than 14 years of experience as a financial analyst and investor and is the president and founder of Palmer Square Capital Management LLC. He earned a Bachelor of Arts Degree from Princeton University and a Masters in Business Administration degree from Harvard University Graduate School of Business Administration.

Paul Seyferth is a founding member of Seyferth Blumenthal and Harris, LLC, representing management in labor and employment litigation. He earned his undergraduate degree in political science and economics from Michigan State University and his law degree from the University of Michigan Law School.

Richard W. Stumpf, has been with Financial Benefits, Inc. since 1988 where he is a certified financial planner and a certified Employee Benefits Specialist. A frequent seminar speaker on financial planning topics, he has taught employee benefits, retirement plan and CFP Ethics classes at Wichita State University, Tallahassee Community College, California Lutheran University, Metro College in Denver and University of Hawaii.

Brian Winter manages and owns Winter Livestock, Inc. which markets 550,000 cattle annually in four states and on the internet as well as manages the company's commercial feed yard in Hanston, KS and the family's ranch. He is serving his second term on the Dodge City USD 443 School Board.

The Commission will report its recommendations to the 2012 Legislature who will consider two identical bills in each chamber. Each chamber must vote on the identical bills in 2012 before other provisions in HB 2194 will be implemented. Those provisions require:

Increased employer contributions;

Increased employee contributions;

Increased benefit multiplier for future service; and

Transfer 80% of the proceeds from the sale of surplus state real estate to KPERS to reduce the unfunded liability.

The new law also requires a decision from the Internal Revenue Service as to whether current state employees can choose to change their retirement benefits.

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