A legislative change to the statutes governing your retirement plan could directly affect your retirement benefits. Accordingly, you are urged to personally keep abreast of any developments as they unfold should the General Assembly be called into Special Session, or during a Regular Session. The next Regular Session will convene on January 2, 2018.
Governor Bevin, in his January 26, 2016 State of the Commonwealth’s Budget Address, reviewed the state’s pension obligations and funding requirements. He stated: We are going to start by auditing every single one of the pension systems. … upon auditing, we’ll fully know the scope and scale of the problem. To that end, the Commonwealth entered into a contract with PFM Group Consulting on September 15, 2016, to prepare a Pension Performance and Best Practice Analysis of Kentucky’s retirement systems. The analysis includes the Judicial Retirement Plan and the Legislators Retirement Plan. PFM’s Report 1 (Governance and Transparency) and Report 2 (Historical and Current Assessments) are posted on the website of the State Budget Director. It is anticipated that Report 3 (Recommendations) will be posted on or after August 28, 2017.
In reviewing enacted legislation, please note that the summary is not intended to be a full and complete description of new law or how it may impact individual plan members. If you have specific questions about how new laws may affect your retirement benefit, you should contact the System's office.