House Leader Wants Study of Under-Funded Kentucky Teachers Retirement System
The Republican leader of the Kentucky House wants a study conducted on the under-funded Kentucky Teachers Retirement System before the 2016 legislature convenes.
House Republican Floor Leader Jeff Hoover sent a letter this week to Governor Steve Beshear urging him to create a task force.
KTRS has only about 54 percent of the funds it needs to pay benefits to retirees.
Hoover, of Jamestown, opposed a measure in the House during this year’s session that would have borrowed more than $3 billion dollars to shore up the pension fund. Hoover said the state couldn’t afford to take on the additional debt, nor did the bill address the structural deficiencies in the KTRS.
"There would be no other road projects. There would be no school, no university projects until those are paid down," Hoover said. "And it would have put us as the highest-rated debt state in the country."