Council Budget Panel Approves $10.8 Million Payment to KRS

The Louisville Metro Council’s Budget Committee reluctantly approved a $10.8 million payment to the Kentucky Retirement Systems. The figure is a compromise between Mayor Greg Fischer and KRS officials for interest the state did not receive from the city due to back pay owed to firefighters since 1985. Because the firefighters were underpaid the city […]

Hit to Pension Fund Not as Severe as Expected

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 […]

Audit Recommends Retirement Agency Make Changes

State Auditor Crit Luallen found no evidence of wrongdoing in an audit of the Kentucky Retirement Systems, but the report raises several areas of concern. The audit primarily focused on the use of placement agents, who act as middlemen to secure investments from entities like the KRS.  Placement agents have been at the center of “pay-to-play” […]

Beshear Proposes Pension Relief For Cities, Counties

Thanks To Lisa Autry, Kentucky Public Radio/WKYU, Bowling Green As Kentucky faces a budget deficit of more than $450 million, cities and counties are grappling with their own revenue shortfalls. In Frankfort Tuesday, Governor Steve Beshear announced a proposal that would allow cities and counties to spread out their pension contributions over ten years rather […]