September retirements up 34 percent in Kentucky
FRANKFORT, Ky. (AP) – Retirements from one of Kentucky’s largest public pension systems jumped 37 percent in September as lawmakers are considering potentially dramatic changes to prevent insolvency.
The Kentucky Retirement Systems says 746 people retired as of Sept. 1 compared with 543 retirements one year ago. The retirements included state workers, police officers, firefighters and other local government workers.
Kentucky taxpayers are at least $33 billion short of the money required to pay retirement benefits over the next 30 years. Republican Gov. Matt Bevin has vowed to call a special session of the state legislature later this year to make changes. Last week, a state-funded analysis recommended cutting benefits for current and future workers.