kentucky state pensions http://wfpl.org en In Lawsuit Response, Kentucky Pension System Argues Investments Were Legal http://wfpl.org/post/lawsuit-response-kentucky-pension-system-argues-investments-were-legal <p>The troubled Kentucky Retirement Systems pension is firing back at a lawsuit filed by a small Northern Kentucky town over what it alleges are “high risk investments."</p><p>In June, the city of Fort Wright — population 5,700 —filed a lawsuit against KRS over investments into Wall Street hedge funds with public money, seeking $50 million to cover the losses and to divorce its city and county employees from the state system.</p><p><strong><a href="/post/kentucky-city-sues-state-pension-system-over-risky-investments">Earlier: Kentucky City Sues State Pension System</a></strong></p> Wed, 16 Jul 2014 13:50:49 +0000 Jonathan Meador 9775 at http://wfpl.org In Lawsuit Response, Kentucky Pension System Argues Investments Were Legal Kentucky City Sues State Pension System Over Risky Investments http://wfpl.org/post/kentucky-city-sues-state-pension-system-over-risky-investments <div><span style="line-height: 1.5;">A Kentucky city is suing the state's public pension system over its investment of county employees' retirement money into "risky" hedge funds.&nbsp;</span><p></p><p></p></div><div>&nbsp;</div><div>An attorney for <a href="http://www.fortwright.com/">Ft. Wright</a>, a northern Kentucky city of 5,700, filed a class-action lawsuit Monday alleging that <a href="https://kyret.ky.gov/Pages/default.aspx">Kentucky Retirement Systems</a> improperly used money from one of its subsidiary funds to make investments that were illegal under state law.&nbsp;</p> Tue, 03 Jun 2014 22:23:45 +0000 Jonathan Meador 9482 at http://wfpl.org Kentucky City Sues State Pension System Over Risky Investments Kentucky Pension Is Worst In the U.S., Credit Rating Agency Says http://wfpl.org/post/kentucky-pension-worst-us-credit-rating-agency-says <p>The credit agency Fitch Ratings has named one of Kentucky’s pensions as the worst in the U.S..</p><p>The non-hazardous pension under the Kentucky Employee Retirement System has about a quarter of the money it would need to pay out what will be owed to pensioners.</p><p>Todd Green is a senior actuary for Cavanaugh MacDonald, an accounting firm that examined five years’ worth of the state’s pension data. He says the pensions have been neglected and money hasn't been put in them and kept in them.</p> Tue, 20 May 2014 11:01:00 +0000 Jonathan Meador 9377 at http://wfpl.org Kentucky Pension Is Worst In the U.S., Credit Rating Agency Says Kentucky's Zombie of a Pension Problem http://wfpl.org/post/kentuckys-zombie-pension-problem <p><em>“<span class="c0">They was saying on the news, some kind of virus… things got crazy… man, you won’t believe the panic… the broadcasts stopped, and that was the last we heard.” —AMC's "The Walking Dead"</span></em></p><p class="c1"><span style="line-height: 1.5;">AMC’s hit zombie apocalypse melodrama "The Walking Dead" is a story about a deadly, shambling mass of cannibal undead that brings human civilization to its knees.</span></p> Fri, 24 Jan 2014 17:47:01 +0000 Jonathan Meador 8338 at http://wfpl.org Kentucky's Zombie of a Pension Problem Kentucky General Assembly Passes Pension Bills, Avert Special Session http://wfpl.org/post/kentucky-general-assembly-passes-pension-bills-avert-special-session <p>FRANKFORT —&nbsp;<span style="line-height: 1.5;">Kentucky's legislative leaders have passed two bills to shore up the state's underfunded pension systems, effectively staving off a special session on the issue.</span></p><p>The new plan would reduce a personal tax credit of $20 to $10, generating about $33 million in revenue that would go to General Fund, but lawmakers would use it for pensions. The plan would also use revenue from technical changes in the state's tax code, as well as money from federal tax changes.</p> Wed, 27 Mar 2013 00:14:00 +0000 Kenny Colston 4684 at http://wfpl.org Kentucky General Assembly Passes Pension Bills, Avert Special Session Kentucky Lawmakers Considering Plan for Pension Reform, But Compromise Appears Uncertain http://wfpl.org/post/kentucky-lawmakers-considering-plan-pension-reform-compromise-appears-uncertain <p>With only one day left in this year's legislative session, Kentucky House leaders are hopeful they have a deal to up shore up the <a href="/term/kentucky-state-pensions">state's underfunded pension system.</a> But there may not be time to get it through the legislature.&nbsp;</p><p>House Democrats' are building support for a proposal that uses technical wrangling of revenue sources to cut some taxes while raising other funds to pay for pension reform. The current proposal would cut the gasoline tax by one cent, resulting in a loss of funds for the state road fund.</p> Tue, 26 Mar 2013 04:07:32 +0000 Kenny Colston 4668 at http://wfpl.org Kentucky Lawmakers Considering Plan for Pension Reform, But Compromise Appears Uncertain Kentucky Lottery Approves Online Sales, New Keno Game http://wfpl.org/post/kentucky-lottery-approves-online-sales-new-keno-game <p></p><p></p><p><span style="line-height: 1.5;">The Kentucky&nbsp;</span><span style="line-height: 1.5;">Lottery Corporation is moving ahead with a new Keno game and online lottery sales after unanimously approval from its board.&nbsp;</span></p><p><span style="line-height: 1.5;">The board approved the new games with the hopes they would generate $85 million a year by 2023.</span></p><p>State Treasurer Todd Hollenbach spearheaded the effort to expand to Keno and online as a way to help generate more revenue for the state.</p> Mon, 25 Mar 2013 10:00:00 +0000 Kenny Colston 4621 at http://wfpl.org Kentucky Lottery Approves Online Sales, New Keno Game Governor Beshear: Pension Talks Keep Going, but No Deal Imminent http://wfpl.org/post/governor-beshear-pension-talks-keep-going-no-deal-imminent <p></p><p><span style="line-height: 1.5;">State leaders are still working to find solutions to the Kentucky's </span><a href="/term/kentucky-state-pensions" style="line-height: 1.5;">troubled pension system</a><span style="line-height: 1.5;">—but he's not promising a deal the time the General Assembly regular session ends next week, </span>Gov<span style="line-height: 1.5;">. Steve </span>Beshear<span style="line-height: 1.5;"> said on Monday.</span></p> Mon, 18 Mar 2013 19:30:18 +0000 Kenny Colston 4545 at http://wfpl.org Governor Beshear: Pension Talks Keep Going, but No Deal Imminent Kentucky Legislators to Keep Working on Military Voting, Pension Reform After Adjourning Tuesday http://wfpl.org/post/kentucky-legislators-keep-working-military-voting-pension-reform-after-adjourning-tuesday <p></p><p>FRANKFORT —&nbsp;Two priorities of Kentucky lawmakers will spill over to the so-called veto period of the 2013 legislative sessions after the issues could not be resolved by the end of Tuesday.</p><p>Legislators were unable to compromise on<a href="/term/kentucky-state-pensions"> pension reform </a>and the <a href="/term/military-voting">military electronic voting bill </a>before both legislative chambers adjourned until March 25.</p> Wed, 13 Mar 2013 03:16:40 +0000 Kenny Colston 4458 at http://wfpl.org Kentucky Legislators to Keep Working on Military Voting, Pension Reform After Adjourning Tuesday Gov. Steve Beshear: No Deal on Pension Reform In Sight, Special Session Becomes More Likely http://wfpl.org/post/gov-steve-beshear-no-deal-pension-reform-sight-special-session-becomes-more-likely <p>With no deal and time running out, a special session is becoming more likely for Kentucky lawmakers to reform the underfunded pension programs for state employees, Gov. Steve Beshear said on Tuesday.</p><p>It's unlikely that the General Assembly will address pension reform before legislators leave Frankfort after Tuesday for a brief period called the veto break, Beshear said. Legislators have&nbsp;</p> Tue, 12 Mar 2013 20:52:19 +0000 Rae Hodge 4454 at http://wfpl.org Gov. Steve Beshear: No Deal on Pension Reform In Sight, Special Session Becomes More Likely