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Which pension systems are in trouble?

All of them!

Three major retirement systems collectively administer pension plans that cover most of Kentucky’s state and local government and school district employees, as well as employees of most of the state’s universities and many government-related non-profit entities. All three systems administer both pension and post-employment benefits, including medical insurance coverage.

Eight plans

Within the three major systems, there are eight distinct pension plans, each with different operating practices and benefit plan designs, covering specific employee groups.  The systems and the plans that they administer include:

  • Kentucky Retirement Systems (“KRS”)
    • Non-Hazardous employees plan (“KERS-NH”) (1)
    • Hazardous employees plan (“KERS-H”) (2)
    • State Police Retirement System (“SPRS”) (3)
    • County Employees Non-Hazardous plan (“CERS-NH”) (4)
    • County Employees Hazardous plan (“CERS-H”) (5)
  • Kentucky Teachers’ Retirement System of Kentucky (“TRS”) (6)
  • Kentucky Judicial Form Retirement System (“KJFRS”)
    • Legislators’ Retirement Plan (“KLRP”) (7)
    • Judicial Retirement Plan (“KJRP”) (8)

Source: PFM Group Consulting report, May 22, 2017.  For more information about this topic, click here to see relevant portions of that report.