Monday, July 05, 2010
KY Retirement Systems Concerns
KENTUCKY...
Kentucky is seeing an increase in the number of state government retirees, a rise that has lawmakers worried about how to pay pensions as fewer workers contribute to those funds. The monthly sum the Kentucky Retirement Systems spends on benefits jumped by 72 percent, from $68 million in 2004 to $118 million in 2009. The spike is an unintended consequence of efforts by the last two governors to cut payroll by offering incentives for early retirements. The funds were worth $16 billion in 2007 before the stock market collapsed, and then lost nearly one-third of their value. They partially have rebounded to $13.8 billion. The unfunded liability of the funds -- money they eventually will owe that they don't have -- stands at $16.6 billion.
# posted by Homer Owens @ 7:05 AM 
