County Employee Retirement System

Politics
7:57 pm
Tue October 22, 2013

Louisville Councilman Jerry Miller Urging City to Leave Kentucky Retirement System

Councilman Jerry Miller, R-19,
Credit Louisville Metro Council

Saying it could save the city millions, Republican Louisville Metro Councilman Jerry Miller is filing a resolution that seeks to remove the city from the Kentucky retirement system.

The non-binding measure will be considered later this week and requests the General Assembly revise state law to separate the County Employee Retirement System account from the overall state pension pool.

It also asks state lawmakers to give CERS an independent board from the Kentucky Employee Retirement System, which has been under a myriad of criticism for its management and financial woes over the past few years.

"Our costs continue to skyrocket in part because (the state system) is making decisions based on the KERS plan covering state employees, which is the second worst funded in the nation," says Miller.

The city's retirement costs have increased significantly over the past decade.

In 2004, pensions accounted for just over five percent of the city budget. Now about 15 percent of the Metro Government general fund is spent on retirement payments for public employees.

Read more