US. Most Kentucky pension plans face billions in debts, but not the one for legislators
Despite many billions in public pension debts, Kentucky has a state pension fund that is literally overflowing with cash — the one reserved for legislators.
Last week, lawmakers in Frankfort were briefed on the Fiscal Year 2021 performance of their Legislators Retirement Plan, which provides them with state-subsidized pensions and health insurance.
Their $79 million pension plan has a funding level of 108.9 percent, which is up from 106.3 percent in 2020. Their retiree health insurance plan is 362 percent funded.
By comparison, the pension plan for most state workers enrolled in the Kentucky Employees Retirement System stands at 18.4 percent funded, putting it among the nation’s worst. The pension plan for educators at the Teachers’ Retirement System of Kentucky is 65.6 percent funded. The plans face a combined $26.9 billion in pension debt.
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