Kentucky pension official says worst-funded state plan may have finally turned around
FRANKFORT — The trend that has seen the state's worst-funded pension plan getting deeper in debt each year may have come to an end.
"Based on everything that we know at the moment ... we would expect that plan has bottomed out," Rich Robben, executive director of the Office for Investments at Kentucky Retirement Systems, told an oversight committee on Monday.
Robben was referring to the KRS plan that provides retirement benefits for state workers in nonhazardous jobs — a plan that reports $13.6 billion in unfunded liabilities and is considered to be the worst-funded public pension plan in America.
But Robben said a huge increase in the amount employers are required to pay to the plan beginning in 2018-19 produced a positive cash flow of $237.7 million for the plan in the fiscal year that ended June 30.
Read more: https://www.courier-journal.com/story/news/politics/2019/08/26/kentucky-official-says-pension-plan-may-have-turned/2118599001/
