kentucky pensions

Sergey Kuzmin, 123rf Stock Photo

A new study shows that Kentucky has the worst-funded pension system in the nation, compounded by the fact that of all the states, the commonwealth is doing the worst at paying off its pension debt.

Kentucky Retirement Systems (kyret.ky.gov)

Gov. Matt Bevin’s attorney says the office will appeal a judge’s ruling that temporarily blocks the governor’s removal of the former chair of one of the state’s pension boards.

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A bill that would have enacted transparency measures for Kentucky’s ailing pension systems failed to pass this legislative session, despite a last-minute push.

LRC Public Information

Analysts say Kentucky will need to hire more state employees or have them pay more into the retirement system in order to reverse the state’s pension crisis, painting a grim portrait of Kentucky’s main public pension system.

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The LaRue County Republican Party has passed a resolution urging the Kentucky General Assembly to fix the state’s crumbling pension system.

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It was the best of pensions, it was the worst of pensions.

In 2013, the $14.5 billion Kentucky Retirement Systems' investment portfolio drastically underperformed its cousin—the Kentucky Teachers Retirement System—by about $1 billion.

Moreover, last year the KRS underperformed the average public pension's investment plan by about $500 million.

What's the difference?

A Kentucky Transportation Cabinet retiree from Marshall County is on the ballot for the state pension system’s Board of Trustees.

Peter Wolff says he’s concerned about the Kentucky Employees Retirement System.

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Kentucky's state pension systems are slated to have to pay out more than $17 billion that the state doesn't have.

That's according to William Thielen, who is director of the Kentucky Retirement Systems. Thielen testified before lawmakers in Frankfort Monday. 

governor.ky.gov

Gov. Steve Beshear says he's a fan of Instant Racing for Kentucky's horse racing tracks—but he's not sure if legalizing the gambling format would be used to fund the state's struggling pension system.

Meanwhile, Beshear said casino gambling is not happening this year.

House Democratic leaders says they are looking at legalizing the slots-like game statewide to help generate at least $25 million a year to help fully fund pension obligations. Only two tracks, Ellis Park and Kentucky Downs, currently have the game.

Kentucky Senate, courtesy Commonwealth of Kentucky

The next legislative session begins on January 8, and lawmakers say fixing the state's flailing pension systems will be their top priority.

A legislative task force has suggested several ways to shore up state employee pensions, but passing legislation and paying for it will be tough.

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