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More Terrible Pension-Related News For Kentucky

December 3rd, 2012 · 1 Comment

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.

Tags: Corruption · Embarrassing · Stats

1 response so far ↓

  • 1 Larry Abel // Dec 3, 2012 at 4:47 pm

    It appears our legislators have been asleep at the wheel. I can remember several times when they robbed the state workers pension funds over the years to pay for other perks. I find that distasteful and dishonest. They should honor their committments to the state retirees and fully fund them. We paid into the system and should reap the benefits. If they want to cut somewhere, get all the bums off the government take.