Louisville Metro Council looks for options during state pension crisis

Published: Sep. 22, 2017 at 5:23 AM EDT|Updated: Sep. 22, 2017 at 8:20 AM EDT
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LOUISVILLE, KY (WAVE) - City and county workers in Louisville could soon be pulled from the failing Kentucky pension system.

Metro Council advanced a measure that would separate the County Employment Retirement System (CERS), which is made up of JCPS and city employees, from the state system. The state system is more than $60 billion in debt.

The Kentucky League of Cities is lobbying heavily for the move.

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The organization claims county employees make up a disproportionate amount of the state's retirement system.

"CERS is 63% of the membership of Kentucky Retirement System (KRS)," a Kentucky League of Cities representative said. "It's also 73% of the KRS assets. Up until very recently, just the last couple of months, there were zero members on the investment committee. So we have 73% of the assets with zero true representation from CERS members."

The measure advanced out of the Budget Committee.

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