FRANKFORT, Ky -- A Republican legislative leader clarifies some what he deems "misinformation" regarding the funding of the Kentucky Teachers Retirement System. Senate President Robert Stivers, during a Wednesday news conference, says the General Assembly has never taken money out of KTRS and the bigger problem is that the system itself has not performed well
Stivers says state contributions are based on numbers given to the legislature by governors who got their numbers from KTRS. Stivers adds KTRS has had issues with a downturn in investment earnings and expenses not related to the legislature.
Stivers says only 10 to 15-percent of the funding problem is a state issue, the remaining 85 to 90-percent of the funding problem stems from management of those funds by KTRS officials. He adds that he and other lawmakers are still reading the massive pension reform bill and that a special session will likely come soon.