Adkins Files Bill to Help Local Governments with Pension Costs

On Wednesday, February 21, 2018, House Democratic Leader Rocky Adkins filed legislation that would phase in the suddenly steep increases that cities, counties, and schools now face to pay down the unfunded liability within the County Employment Retirement System. Under Leader Adkins’ bill, which is co-sponsored by many other members of the House Democratic Caucus, the local governments and schools paying into CERS would have five years to build up to the current actuarially required contribution, starting with the 2019 fiscal year that begins in July. During the five-year period, CERS employers would not see their annual retirement costs increase by more than 10 percent. The current-year contribution rate for employers is just over 19 percent. In December, Kentucky Retirement Systems said the rates for the upcoming fiscal year would rise to 28 percent. The legislation will be considered during the ongoing legislative session.

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