Philadelphia-based company wins contract to review Kentucky pension systems
A Philadelphia-based consulting company has won a contract to review Kentucky’s struggling public pension systems.
Republican Gov. Matt Bevin announced Monday that the PFM Group will lead the review of the Kentucky Employees Retirement System, the Kentucky Teachers Retirement System and the Kentucky Judicial Form Retirement System. The state will pay $556,300 for the two-year contract, which includes a not-to-exceed amount of $50,600 for travel and expenses.
Bevin said the state has an estimated public pension debt of $35 billion, making it among the worst funded systems in the country. A recent survey by S&P Global Ratings found Kentucky has the lowest ratio of all states of money needed to make payouts to current and future retirees.
The contract calls for PFM to deliver a final report by Dec. 31.