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- 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.
www.pewtrusts.org/en/research-and-analysis/fact-sheets/2022/04/matrix-assesses-state-pensions-long-term-fiscal-health-kentuckyMatrix Assesses State Pensions Long-Term Fiscal Health: Kentucky
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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.
- Matrix Assesses State Pensions’ Long-Term Fiscal Health
Kentucky’s pension plans were fully funded in 2000, but by...
- Matrix Assesses State Pensions’ Long-Term Fiscal Health
- 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 ...
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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.
Dec 31, 2023 · Commitments by the General Assembly and the Governor to fully fund contributions, and provide additional allocations, combined with prudent management by the Office of Investments, means that all...
Jan 1, 2023 · GRS projects that all pension and insurance plans will be fully funded in Fiscal Year 2049, provided KPPA receives the full Actuarially Determined Contribution (ADC) each year and all...
Jan 26, 2023 · We continue to expect that all plans will be fully funded by 2049 at the latest, provided all actuarial assumptions are met and the plans continue to receive their full actuarially determined contributions.
GRS projects that all pension and insurance plans will be fully funded in Fiscal Year 2049, provided KPPA receives the full Actuarially Determined Contribution (ADC) each year and all actuarial assumptions are met.
