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Evaluating Kentucky State Pension Plans In The 2000s And Best Practices Moving Forward, Sarah Alegria
Evaluating Kentucky State Pension Plans In The 2000s And Best Practices Moving Forward, Sarah Alegria
MPA/MPP/MPFM Capstone Projects
The Commonwealth of Kentucky sponsors three different pension retirement systems. This includes Kentucky Employee Retirement System, Teacher’s Retirement System, and Kentucky’s Judicial Form of Retirement System. Kentucky has one of the worst funded pension retirement plans and is currently facing shortfalls of about $43 billion (PEW, 2013). Between 1998-2008, Commonwealth of Kentucky’s legislators made many detrimental policy decisions that negatively affected its Pension Retirement System. The most impacting includes:
- Enhancements of Benefits in the Nineties
- Changing Final Compensation from the average of five-years to the average of three-years
- Mandated Yearly Cost of Living Adjustments (COLA)
- Not requiring the State to …