Kentucky’s troubled pension systems continue their downward slide. Plans covering teachers and state employees lost $1.8 billion this year, bringing the total unfunded liability to more than $32 billion.
David Eager, interim executive director of KRS, addressed the Public Pension Oversight Board this week. Co-Chairman Joe Bowen, a state senator from Owensboro, says the news isn’t all bad.
"What folks need to understand is that we have seven retirement systems that are publicly funded, and there's actually only one that you would consider to be in dire straits," Bowen told WKU Public Radio.
That pension plan is the Kentucky Employees Retirement System, or KERS, which has only 16 percent of the funds needed to pay the benefits of future retirees. That makes it among the worst-funded public pension plans in the country.
Other retirement plans covering teachers, judges, and lawmakers are in much better shape.