Kentucky’s state pension is not in good shape even though reform was put in place through the General Assembly back in 2008. The article “State Pension Fund In Worse Shape Despite Reforms” by John Cheves on Kentucky.com talks about what’s going on with this pension plan and how it’s affecting Kentucky health insurance .
The Kentucky Retirement Systems’ pension fund takes care of 115,000 state workers and retirees. The system saw its funding level drop 33% in 2011 alone which creates an unfunded liability of $7.4 billion. If you count pension and Kentucky health insurance obligations together the fund seems even worse off. Its funding dropped 27% in 2011.
Tom Moore, a state retiree from Paducah and president of Kentucky Public Retirees, talks about how scary these numbers really are. He points out that he happily paid into the retirement plan every day that he worked. The $13 billion Kentucky Retirement System covers state and local government employees and they face a $17 billion unfunded liability for pension and insurance obligations. They are in no danger of defaulting on its immediate obligations, but it’s hard to say how they will dig themselves out of this hole.
Kentucky’s state pension is not in good shape even though reform was put in place through the General Assembly back in 2008. The article “State Pension Fund In Worse Shape Despite Reforms” by John Cheves on Kentucky.com talks about what’s going on with this pension plan and how it’s affecting Kentucky health insurance .
The Kentucky Retirement Systems’ pension fund takes care of 115,000 state workers and retirees. The system saw its funding level drop 33% in 2011 alone which creates an unfunded liability of $7.4 billion. If you count pension and Kentucky health insurance obligations together the fund seems even worse off. Its funding dropped 27% in 2011.
Tom Moore, a state retiree from Paducah and president of Kentucky Public Retirees, talks about how scary these numbers really are. He points out that he happily paid into the retirement plan every day that he worked. The $13 billion Kentucky Retirement System covers state and local government employees and they face a $17 billion unfunded liability for pension and insurance obligations. They are in no danger of defaulting on its immediate obligations, but it’s hard to say how they will dig themselves out of this hole.
Written by Sam Tabes
Follow me on Twitter: http://twitter.com/#!/smartshopper78