Kentucky Gov. Matt Bevin is proposing contributing $3.31 billion total to the state's employee retirement systems over the next two fiscal years.
If approved by the Kentucky Legislature, it would be the first time in nearly 20 years that the $16.8 billion Kentucky Retirement Systems and $18.1 billion Kentucky Teachers' Retirement System, receive the full actuarially required contribution, according to Mr. Bevin's budget proposal released earlier this week. The proposal covers the next two fiscal years starting July 1. Both systems are based in Frankfort.
Previously, in October, the governor unveiled a series of recommendations for shoring up the state's retirement systems, which included fully funding the actuarially required contribution and shifting some future workers and eventually some active workers into defined contribution plans, among other changes. A bill has yet to be introduced and it remains to be seen whether the recommendations make it through the Kentucky Legislature.
A spokesman for the governor could not immediately be reached for additional information.