kentucky state pensions

Local News
5:27 pm
Wed August 20, 2014

JCTA, Louisville Educators Clash Over Underfunded Teachers' Pension

JCTA president Brent McKim; Louisville League of Women Voters president Pat Murrell; pension expert Chris Tobe
Credit Jonathan Meador, Kentucky Public Radio

Louisville educators who support a lawsuit seeking to recoup lost money from Kentucky's underfunded teachers' pension system clashed this week with the head of the Jefferson County teachers' union.

Read more
Politics
9:50 am
Wed July 16, 2014

In Lawsuit Response, Kentucky Pension System Argues Investments Were Legal

Credit Wikipedia Commons

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."

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.

Earlier: Kentucky City Sues State Pension System

Read more
Local News
6:23 pm
Tue June 3, 2014

Kentucky City Sues State Pension System Over Risky Investments

Credit File photo

A Kentucky city is suing the state's public pension system over its investment of county employees' retirement money into "risky" hedge funds. 

 An attorney for Ft. Wright, a northern Kentucky city of 5,700, filed a class-action lawsuit Monday alleging that Kentucky Retirement Systems improperly used money from one of its subsidiary funds to make investments that were illegal under state law. 

Read more
Politics
7:01 am
Tue May 20, 2014

Kentucky Pension Is Worst In the U.S., Credit Rating Agency Says

Credit File photo

The credit agency Fitch Ratings has named one of Kentucky’s pensions as the worst in the U.S..

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.

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.

Read more
Local News
12:47 pm
Fri January 24, 2014

Kentucky's Zombie of a Pension Problem

Credit File photo

“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"

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.

But Chris Tobe argues that the show is an apt metaphor for the financial Armageddon he believes the state is inching toward as a result of declining revenue and unfunded pension liabilities.

Read more
Politics
8:14 pm
Tue March 26, 2013

Kentucky General Assembly Passes Pension Bills, Avert Special Session

Greg Stumbo and Damon Thayer
Credit Legislative Research Commission

FRANKFORT — 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.

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.

Overall, the plan would generate $96 million in the 2015 fiscal year and $100 million in 2016 fiscal year.

Read more
Politics
12:07 am
Tue March 26, 2013

Kentucky Lawmakers Considering Plan for Pension Reform, But Compromise Appears Uncertain

Greg Stumbo and Damon Thayer
Credit Legislative Research Commission

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 state's underfunded pension system. But there may not be time to get it through the legislature. 

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.

Read more
Politics
6:00 am
Mon March 25, 2013

Kentucky Lottery Approves Online Sales, New Keno Game

Credit Shutterstock.com

The Kentucky Lottery Corporation is moving ahead with a new Keno game and online lottery sales after unanimously approval from its board. 

The board approved the new games with the hopes they would generate $85 million a year by 2023.

State Treasurer Todd Hollenbach spearheaded the effort to expand to Keno and online as a way to help generate more revenue for the state.

He says it will take roughly a year for full implementation of the games.

"So you're probably not going to see anything of any significance until 2014. It takes a little while," he said.

Read more
Politics
3:30 pm
Mon March 18, 2013

Governor Beshear: Pension Talks Keep Going, but No Deal Imminent

Credit Rae Hodge/Kentucky Public Radio

State leaders are still working to find solutions to the Kentucky's troubled pension system—but he's not promising a deal the time the General Assembly regular session ends next week, Gov. Steve Beshear said on Monday.

Beshear has mediated sessions between House and Senate leadership on reforming the pension systems and how to fund them, after the chambers came to an impasse on the issue.

Read more
Politics
11:16 pm
Tue March 12, 2013

Kentucky Legislators to Keep Working on Military Voting, Pension Reform After Adjourning Tuesday

Senate President Robert Stivers talks with other legislators.
Credit Rae Hodge/Kentucky Public Radio

FRANKFORT — 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.

Legislators were unable to compromise on pension reform and the military electronic voting bill before both legislative chambers adjourned until March 25.

Read more

Pages