At 11:00 A.M. today, Kentucky Retirement Systems reported that the KERS – the state’s largest fund for state employees – has the lowest funding ratio of any state plan in the entire country.
That’s a whopping 24.5%.
State officials, for some reason, weren’t aware of just how bad things are. We can chalk that up to a complete lack of transparency.
KRS resisted disclosing this level for a month.