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SEC Charges State of Kansas with Fraudulently Understating Municipal Bond Exposure to Unfunded Pension Liability
U.S. Securities and Exchange Commission [SEC] Link to more items from this source
Aug. 11, 2014
"According to the SEC's cease-and-desist order ... the state's offering documents failed to disclose that the state's pension system was significantly underfunded, and the unfunded pension liability created a repayment risk for investors in those bonds.... According to one study at the time, the Kansas Public Employees Retirement System (KPERS) was the second-most underfunded statewide public pension system in the nation. In the offering documents for the bonds, however, Kansas did not disclose the existence of the significant unfunded liability in KPERS."

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