Kentucky pension systems outline future budget needs

FRANKFORT, Ky. (AP) — Lawmakers have been told that Kentucky’s state pension systems are expected to need nearly $4.6 billion from the next two-year state budget, mostly to cover pension debts. The Lexington Herald-Leader reports the largest share will go to the Teachers’ Retirement System of Kentucky. For fiscal year 2023, TRS expects to need $1.25 billion from the state; for fiscal year 2024, it’s $1.33 billion. The state’s obligations to the Kentucky Public Pension Authority are estimated at roughly $1 billion for each of the next two fiscal years. Nearly 400,000 state and local government workers or retirees are enrolled in KPPA.