State & Local Government Policy, Business and Technology

Kentucky's public workers hit the exits. Retirements surge by 18 percent this year.

Lexington Herald Leader: Nearly 1,300 more public employees than expected chose to retire during the fiscal year that ends this month, creating an 18 percent spike at the already cash-strapped Kentucky Retirement Systems, according to newly released data. And the numbers could get even more dramatic in August, which is traditionally the most popular retirement month for state workers.

The largest surge in retirements — 30 percent — came from Kentucky's state government, compared to a relatively more modest 10 percent increase in retirements from local governments. The $16 billion KRS is responsible for providing benefits for 372,524 active and retired public employees. It faces an unfunded liability of $27 billion.

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