WICHITA, Kan. (AP) - Federal authorities have filed securities fraud charges against Kansas accusing the state of misleading investors about the financial health of its underfunded public employee pension system.
The Securities and Exchange Commission said Monday that the state has consented to its cease-and-desist order to settle the case. The state has since adopted policies and procedures to help ensure disclosures about pension liabilities are made in its bond offerings.
No monetary sanctions were imposed.
The SEC says Kansas has implemented remedial actions and agreed to settle the charges for its prior incomplete disclosure.
Governor Sam Brownback says in a statement that since taking office he has made restoring the health of the Kansas Public Employees Retirement System a priority. He says Kansas has made significant strides.
© Associated Press
MOST VIEWED STORIES
Three former Atchison Co employees arrested on felonies
Effingham woman killed Friday in Atchison wreck
One hospitalized, one jailed, after Atchison attack
Atchison man involved in fatal NW MO crash
Rural Horton man arrested on multiple drug charges
Services set for Effingham woman killed in crash
Street lights to be discussed at Monday city meeting
Barricaded fugitive arrested in Jackson County
Meteorologist Spencer: Geometric Watch means electronic disruptions
Two file to challenge local legislator
USD 430 Board accepts resignations, approves new hires
Fatal Atchison apt fire investigation continues
U.S. 36 work in Doniphan Co to impact motorists
USD 415 board select new member
Results from SE Nebraska contested Primary Elections
Truck fire at CGB facility in Falls City
Date set for signals switch at Hiawatha intersection
LATEST STORIES
Doniphan Co to seek funding for five bridge projects
USD 115 board approves funding for FBLA trip
Doniphan Co Attorney files for re-election
State Board approves land transfer agreements
Nemaha NRD Board appoints new Director
Johnson-Brock Board approves personnel changes
KS Omnibus Budget signed; funds mental health, economy, others
Pawnee City School to move forward with strategic planning