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Perilously low
- Despite raking in record investment returns of 25% during fiscal year 2021, the funded levels for Kentucky’s public pensions remain perilously low, according to the recently released annual comprehensive financial report from the Kentucky Public Pensions Authority (KPPA).
www.ai-cio.com/news/despite-record-returns-kentuckys-pensions-remain-severely-underfunded/Despite Record Returns, Kentucky’s Pensions Remain Severely ...
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Is Kentucky's pension system underfunded?
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How did Kentucky's primary pension fund perform in fiscal year 2022?
- General Assembly Underfunded
- Investments Didn’T Meet Expectations
- A Big Benefit Unfunded
- Funding Approach Flawed
During most of the years between 2003 and 2016, governors did not recommend, and the General Assembly did not appropriate, enough money for state employee and teacher pensions. The systems’ actuary listed the amount of money needed to pay benefits while controlling debts, but it wasn't heeded. An option?:Could legalizing marijuana or casinos solve ...
The national economic recession that hit in 2008 caused investment returns for everyone to tank. PFM, a Philadelphia-based consultant to state government, attributed part of the problem for the soaring pension liabilities to downturns in the overall investment markets. Also:Pension ruling hands victory to Andy Beshear over Gov. Matt Bevin But PFM s...
The General Assembly added some benefits going back to the good times of the 1990s, but did not appropriate any additional money to fund them. This is particularly true of an expensive annual cost-of-living increase for pension checks of state and local government retirees granted in 1996. This cost of living increase ended in 2013. The governor:Ma...
The PFM report last year said the biggest reason for the mounting debt was because Kentucky plans were using a method of employer funding that is based on a percentage of the employer’s payroll, and inaccurate assumptions were made about how much that payroll would grow. This, PFM reported, resulted in a situation where even if the state and other ...
- Tom Loftus
- Politics-Frankfort
Sep 15, 2016 · According to a new survey by S&P Global Ratings, Kentucky has $31. 2 billion in unfunded pension liabilities, and the state’s various pension funds have 37.4 percent of the money they need to make payouts to current and future retirees, the lowest ratio of all states.
- Ryland Barton
Jun 10, 2016 · Jim Carroll, who retired in 2011 after working for the state as a public information officer for 31 years, says his plan, the KERS non-hazardous pension fund, is so severely underfunded that...
- Attracta Mooney
Jul 7, 2022 · Unfunded retiree health care liabilities remained a substantial challenge for most states leading up to the pandemic. And when COVID-19 hit, unlike what happened with pension debt, unfunded retiree health care liabilities edged up in fiscal 2020, according to a recent survey from S&P Global.
May 3, 2022 · Kentucky’s pension plans were fully funded in 2000, but by 2019 persistent declines in funding left enough pension assets to cover only 45% of liabilities.
Nov 1, 2022 · Kentucky’s primary pension fund for state workers, long one of the nation’s worst-funded, rose to an 18.5 percent funding level in 2022, a new report said.
