Friday, November 19, 2010
Kentucky Retirement Systems Will Require Larger Contributions
KENTUCKY...
The Kentucky Retirement Systems board of trustees will require larger contributions from local governments to cover the rising costs faced by the County Employees Retirement System in the coming year.
Local governments will now contribute 18.96 percent of non-hazardous-duty employees' salaries to the retirement system and 35.76 percent for hazardous-duty employees. That reflects a 2.03 percent and 2.51 percent increase respectively.
The Kentucky League of Cities said the higher rates will increase the costs to city governments by some $17 million next fiscal year. Some local officials are warning that the increase could lead to layoffs.
The Kentucky Retirement Systems board of trustees will require larger contributions from local governments to cover the rising costs faced by the County Employees Retirement System in the coming year.
Local governments will now contribute 18.96 percent of non-hazardous-duty employees' salaries to the retirement system and 35.76 percent for hazardous-duty employees. That reflects a 2.03 percent and 2.51 percent increase respectively.
The Kentucky League of Cities said the higher rates will increase the costs to city governments by some $17 million next fiscal year. Some local officials are warning that the increase could lead to layoffs.
# posted by Homer Owens @ 11:38 PM 
