ICYMI: From cn2: Public Pension Oversight Committee hears funding requests for next biennium

Thanks to the New Kentucky Project for sharing this with us.

By DON WEBER

FRANKFORT – Committee members heard from the directors of the three major state pensions, Kentucky Retirement System (KRS), Kentucky Teachers’ Retirement System (KTRS) and Judicial Form Retirement System (KJFRS) at the Public Pension Oversight Board meeting on Monday, to find our what is needed to fund the systems during the next biennium, and got an earful from a retired Frankfort EMT and firefighter.

Beau Barnes, Executive Director of the Teachers’ Retirement System told members of the committee that the total amount requested in the biennium budget including debt service is $1.248 billion for FY 2019 and $1.2 billion for FY 2020.

Barnes told legislators that one bright spot in KTRS has been an uptick in investment returns.

Barnes said that the 15.37 percent return over 1-year on gross investment returns ranks in the top 8 percent in the nation, while the 3-year return of 6.3 percent ranks in the top 11 percent. In addition, the 5-year return of 10.1 percent is in the top 13 percent nationally, and the 10-year return of 6.3 percent ranks in the top 9 percent.

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