US - The Senate has approved a bill to aid the Kentucky's pension funds by selling more than US$800m in bonds.
The plan would entail an $830m bond sale, which the state would pay back at about $60m annually over the next 20 years, including around $540m for the Kentucky Retirement System (KRS) and $290 m to the Kentucky Teachers Retirement System.
Senate president David Williams said: “If the General Assembly doesn't move now, the state pension fund - which has been under funded since 1992 - is likely to go broke 15 years from now.
"The state would then have to come up with $2bn per year for pensions. This government will implode, and the only choices that we will have in future years are to drastically cut these services which our people depend on, or make huge tax increases."
Currently state employees' have defined benefit retirement packages, under the new bill employees would receive a mixture of defined benefits and defined contributions.
KRS currently has about $12bn in unfunded liabilities.
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