Louisville Metro Council looks for options during state pension crisis
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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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