Kansas will continue making improved disclosures on its pension system's funding strength and on whether any unfunded liabilities create a repayment risk for investors in municipal securities offered by the state, the U.S. Securities and Exchange Commission said Monday. The SEC said Kansas began reviewing its municipal securities disclosures after the SEC in August 2010 sanctioned New Jersey for failing to disclose to investors that it was underfunding its two largest pension plans. The enforcement action against New Jersey, the first of its kind against a state, was followed by a similar action against Illinois in March 2013. The SEC had previously brought similar enforcement actions against smaller issuing units, starting with San Diego in 2006. After the New Jersey action was resolved, the SEC began looking at the disclosures surrounding eight Kansas offerings that raised $273 million in 2009 and 2010. Around the time that New Jersey settled with the SEC, Kansas began adopting
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