Letter: KPERS is miscalculated

What’s not being discussed about KPERS is that its numbers are based upon an unrealistic investment return of 7.75 percent. Warren Buffett calculates that the Dow Jones Industrial Average will return about 4 percent over the next 100 years. This is a much more reasonable assumption. Of the $17.7 billion in assets the pension holds, 30.6 percent are invested into fixed income and cash, earning about 2 percent. That means the rest of the portfolio would have to earn about 10 percent in perpetuity, which is absurd. The stated assumption is that the pension is 67 percent funded. In reality, it’s about 50 percent funded.

HOLMES OSBORNE, Independence, MO



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