EKB News

A coalition of advocacy groups said today that the state's retirement system is falling into financial peril and Gov. Ernie Fletcher should act "before we reach a crisis,” The groups, including the Kentucky League of Cities, the Kentucky Chamber of Commerce and the Prichard Committee for Academic Excellence, said the spiraling cost of providing health insurance and pensions to retirees is a "train wreck waiting to happen." They have called on Fletcher to appoint a task force to recommend solutions and want lawmakers to spend the state's projected surplus shoring up the systems. Fletcher has already announced plans to appoint a panel to study the Kentucky Retirement Systems and has recommended spending at least $50 million of a projected $231 million surplus for the fiscal year that ends June 30.