EKB News

Kentucky legislators passed a bill in the summer of 2008 which put the state on a twenty year timeline to get state pension systems back to full funding. A recently released report shows the multi-million dollar shortfall facing the state employee pension plan is about $1.1 billion less than retirement experts forecast, meaning a smaller amount of money for retired public employees' pension and health care would be required from the General Fund the next two years. But, the 2010 legislature will be asked to increase the General Fund contribution to the retirement plans by at least $74 million in the next two year budget.