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KY Retirement Systems officials like Governor's budget proposal

State retirement system payments has huge impact on state economy: KRS retirement system paid $1.8 billion to retirees, more than 94% of whom live in Kentucky.

By William A. Thielen, Executive Director Kentucky Retirement Systems

FRANKFORT, KY - (2 Feb 2016) Kentucky Retirement Systems officials are encouraged by Governor Matt Bevin's proposed budget for Fiscal Years 2017 and 2018. The proposal, which was released early last week, recommends payment of the full ARC (Actuarially Required Contribution) for the three plans that receive a portion of their funding in the state executive branch budget (KERS Nonhazardous, KERS Hazardous, and the State Police Retirement System), plus an additional $44.7 million each year from the General Fund as a direct appropriation to KRS.

According to the budget documents available online, there is also ". . . the prospect of up to another $32,050,000 in fiscal year 2016-2017 and $35,312,500 in FY 2017-2018, if General Fund revenue receipts meet the official estimates rendered by the Consensus Forecasting Group for the next biennium."

"We are extremely pleased to see the Governor recommend not only the full funding of the ARC, but also dedicate additional funding to the Systems," said KRS Executive Director William Thielen. "While this is only the first of many steps in the budget process, this is a very positive step toward helping us insure that KRS will continue to provide promised benefits to our current and future retirees."

Pension benefits paid to retirees and beneficiaries of Kentucky Retirement Systems have a wide ranging impact on the state's economic health. In the FY 2015, KRS paid more than $1.8 billion to recipients. More than 94% of these recipients live in Kentucky.

Governor Bevin also stated in his budget address last week that he would propose funding for an audit of the various Kentucky public retirement systems. The KRS Board of Trustees fully supports an independent, comprehensive performance audit and benchmarking study of KRS. In October 2015, the Board adopted a resolution indicating its desire that such an audit and benchmarking be conducted. This study will establish a foundation for future decision-making that ensures that KRS is efficiently, effectively and ethically governed and operated.

This story was posted on 2016-02-03 03:30:53
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