Retirement system in ‘negative cash flow’
by Special to TCR Email News
Apr 22, 2009 | 0 0 comments | 3 3 recommendations | email to a friend | print
Kentucky Public Retirees, the statewide organization of state, county and state police retirees, recently held a state board meeting to discuss issues of concern, primarily the under funding to the Kentucky Retirement System.

The operation of the system depends on contributions received from current employees, employers, and investment income. Under funding has put the KRS in a hole of almost $16 billion. The system is in a negative cash flow – last year paying out some $1.5 billion in payments and health insurance benefits while taking in only $1 billion from contributions.

In the 2009 session of the General Assembly, HB 117 was passed cutting the employer contributions paid into the system for counties and cities.

Kentucky Public Retirees has 12 chapters throughout the state, covering counties in all areas with the exception of far Eastern Kentucky. For information on membership into this organization, retirees can call (270) 825-4841.
Click for Cadiz, Kentucky Forecast
Sponsored By:
Beaus Blog Logo
Read Beau's Daily Analysis