Hoo Boy, Kentucky Retirement Systems Nightmares

Ruh ro, Kentucky Retirement Systems, Greg Stumbo is angry. He recently appeared on CN|2. And he says your actuaries provided bogus actuarially required contributions.

On a related note, Princess Damon Thayer has been pretending to know a lot about the state’s pension system:

We can’t help but wonder who arranged for the “task force” to hear testimony from the right-wing Arnold Foundation. It’s funded by an Enron billionaire hedge fund manager and poses as an objective think tank by advocating the end of defined benefit plans. Here and here.

And you wonder why Kentucky still can’t have nice things.

4 thoughts on “Hoo Boy, Kentucky Retirement Systems Nightmares

  1. A member of the general assembly disputing that the general assembly is responsible….I’m shocked!

  2. So year after year, the KRS actuary has used an incorrect methodology for calculating the ARC? Nonsense. If that were true, why didn’t the legislature at some point over those many years of underfunding meet with the governor and KRS and come to an understanding?

  3. I have always thought that the KRS actuary who is also the actuary for KTRS and dozens of other public pensions nationwide Tom Cavanaugh was very by the book.

    I would love to see Stumbo provide any documentation to back up this crazy assertion.

    If the actuary had listened to the Arnold foundation lower discount rates etc. the ARC would have been twice as large, the opposite of what Stumbo is claiming.

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