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Fri August 31, 2012
Pew report cites $23B shortfall in KY public pensions
A new report shows Kentucky has a more than $23 billion shortfall in what should have been set aside to fund pensions for retired state employees. The Pew Center for the States and the Laura and John Arnold Foundation released the report Thursday. The report says the shortfall is more than twice the amount of all revenue generated from state taxes in the Commonwealth last year. Public Pensions Task Force co-chairs, Republican Senator Damon Thayer and Democratic Representative Mike Cherry, say fixing the problem will require hard choices, good information and thoughtful analysis. The Task Force faces a December 7th deadline for recommending ways to shore up the state's pension plans.