Bevin launches pension site ahead of likely special session
FRANKFORT, Ky. (AP) – Kentucky Gov. Matt Bevin’s administration has launched a pension reform website ahead of a likely special session of the state legislature to address the state’s struggling retirement system.
The state budget director’s office launched KentuckyPensions.com on Thursday. In a news release, Bevin’s office says the state is $64 billion short of what it needs to pay retirement benefits over the next 30 years, a debt that amounts to $15,000 for every Kentucky resident.
Officials with Kentucky’s various pension plans report a combined shortfall of nearly $33 billion. Bevin’s numbers are higher because he is using estimates provided by consultants that make different assumptions about the retirement system’s future.
Regardless of the numbers, Kentucky’s retirement systems rank as one of the worst funded systems in the country.