Local News Politics

Kentucky is reporting that losses to the state employee pension fund in recent stock market volatility weren’t as severe as first thought.

The Kentucky Retirement Systems financial portfolio fell $500 million between June 30 and Aug. 9. Last week, KRS had calculated the losses for the period at $1.7 billion. That figure was inflated, according to a statement, because it was based on preliminary totals.

Volatility in the financial markets had hit pension funds hard in several states, including California, which lost some $18 billion over the same period.

From the Associated Press