Independent consultants have said Kentucky needs an extra $700 million a year to save its public pension systems.
Lawmakers heard some ideas Monday (8/28) on where that money could come from. The Public Pension Oversight Board met to hear the final recommendations of an audit by the PFM Group. Kentucky’s public pension systems are among the worst funded in the country. Officials estimate the state is $33 billion short of the money it will need to pay retirement benefits over the next 30 years.
In May, the PFM Group told lawmakers they needed an extra $700 million a year to save the system. That’s in addition to the $2 billion taxpayers are scheduled to spend on pensions this year.
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