That’s the sound of Kentucky being called out YET AGAIN for being the second-worst:
State pension systems suffered a significant blow during the recession, but it didn’t hit all systems equally; some fared much worse than others.
A study by investment research firm Morningstar, Inc., published earlier this week assesses the financial health of each state system, highlighting a wide disparity in the actuarial adequacy of funding levels.
An alarming number of funds face a steep uphill climb in fully funding their plans. The report found 21 states’ aggregate funded ratios fell below 70 percent, which Morningstar considers the threshold for “fiscally sound” systems. Illinois (43.4 percent), Kentucky (50.5 percent) and Connecticut (53.4 percent) registered the lowest funding levels of all examined.
Way to go, Frankfort, for allowing this to happen. And happen. And happen. And happen.