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CERS Pension Update

CERS Pension Update

Yesterday, State Budget Director John Chilton sent an email out to CERS (County Employee Retirement System) employers to explain the dramatic increase in Employers' required contributions into the CERS system.  This is the reality local governments face if we do nothing to make fundamental changes to the systems during the special session.  You can take a look at Director Chilton's email below, showing the required contribution rates grow by 50% for non-hazardous and by 60% for hazardous within CERS.  As you can see from the first page of the letter other KRS plans have a required contribution that grows between 66%-88%.  Remember that cities and counties are already struggling to meet their required contributions.

Click the button to open the PDF.