FRANKFORT, Ky. (May 20, 2014) — Kentucky’s pension has been rated one of the worst in the U.S. by the credit agency Fitch Ratings.
The non-hazardous pension under the Kentucky Employee Retirement System has about a quarter of the money it would need to pay out what will be owed to pensioners, according to news reports.
The pensions have been neglected and money has not been put in them and kept there, said Todd Green, a senior actuary for Cavanaugh MacDonald, an accounting firm that examined five years’ worth of the state’s pension data.
The state employee retirement plan came in second place, at 34.2 percent funding.
Learn more about Kentucky’s pension shortfall by clicking here.