A nonprofit publication of the Kentucky Center for Public Service Journalism

Jim Waters: Fix state’s retirement systems; one idea: no more sick day accumulation to spike pensions

Legislators campaigning to hold on to their seats may be jittery about dealing with controversial pension reform, but the problems plaguing the state’s retirement systems don’t hibernate just because there’s an election. Despite record amounts of funding in recent years, the ailing Teachers’ Retirement System (TRS) is saddled with $14.5 billion worth of liabilities, remains under 60% funded...

Auditor Mike Harmon: KRS, TRS not in compliance with public pension transparency laws, Senate Bill 2

Kentucky Retirement Systems (KRS) and Teachers’ Retirement System (TRS) have failed to comply with a law passed two years ago requiring increased transparency in Kentucky’s public retirement systems. That’s the conclusion reached in a special examination released by Kentucky Auditor Mike Harmon’s office. The examination evaluated KRS, TRS, and the Judicial Form Retirement System (JFRS) which...

State and teachers retirement systems provided update to Public Pension Oversight Board

By Tom Latek Kentucky Today It was good news and bad news Monday as officials with the Kentucky Retirement Systems and the Teachers Retirement System updated the Public Pension Oversight Board. David Eager, executive director of the KRS, told the panel he believes his pension systems have bottomed out. “Overall, the funded status dropped by .07 percent, which is teeny, compared to the prior year...

Gov. Bevin explains veto of budget and tax bill, says Kentucky’s financial future requires tough decisions

For many months, we have been working to resolve the toughest financial crisis Kentucky has ever faced, a crisis that began many years ago and that previous governors and legislators either negligently handled or ignored. It is now snowballing out of control. Nothing about this process has been easy. That does not, however, take away from the present reality that we are facing, or from the difficult...

Tim Abrams: Governor’s proposed pension framework breaks promise to Kentucky’s teachers

Let’s remember how we got into this pension mess in the first place. Frankfort — not our current and retired teachers — failed to live up to its fiduciary responsibility to properly fund the Teachers’ Retirement System (TRS). Now, after nine years of insufficient funding and the loss of interest on those funds, Frankfort politicians want retired and current teachers to bail them out...