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Mon October 20, 2008
Study Finds KY Missed Out On $5 Billion
By Todd Hatton
Frankfort, KY – A study says Kentucky's public pension systems have lost an estimated $5 billion in the last 10 years by relying too heavily on U-S stocks.
The study by the Missouri consulting firm Hammond Associates was conducted last summer for Governor Steve Beshear's public pension working group.
The poor returns mean taxpayers will have to make up the difference.
State Finance Cabinet Secretary Jonathan Miller says retired teachers and state and local government employees will still get their benefit checks each month.
The Kentucky retirement system covers more than 316,000 current employees and retirees, while the state teachers' pension system covers roughly 115,000 current employees and retirees. In all, the systems are facing a nearly $27 billion shortfall.