We hear through the Frankfort rumor mill that KTRS pension funding may be waaaay worse than reported.

So bad that it may rank 47th or 48th instead of 43rd.

Is it possible KTRS numbers are worse? And could have been much, much worse without the secret $700 million pension obligation bond?

It’d be scary to see something like 54.5%.

UPDATE: Turns out that 54.5% number we heard was on the money:

The KTRS pension system fell from 57.4 percent funded in 2011 to 54.5 percent funded this year, making it among the worst funded teacher pension systems in the country. The insurance plan is 9.4 percent funded.

Ouch, Kentucky.