Kentucky's retirement systems continue downward slide

Courtesy of MGN Online
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FRANKFORT, Ky. (AP) -- Kentucky's troubled pension systems have continued their downward slide in 2016, with plans covering teachers and state employees losing more than $1.8 billion in value while obligations are increasing.

Kentucky's two largest pension plans presented the latest numbers to lawmakers on Monday.

The Kentucky Retirement Systems said the debt for its largest plan covering state workers increased by $1.5 billion. With just 16 percent of the money needed to pay future pension benefits, the plan remains one of the worst funded in the country. Other plans in the system are in better shape.

The Kentucky Teachers Retirement system lost $1.2 billion for the fiscal year that ended June 30. But spokesman Beau Barnes said an influx of $973 million from the state legislature gives the plan a much rosier outlook.