10:32am

Tue January 8, 2013
Lexington/Richmond

Lexington Mayor says Pension Costs Have 'Spiraled Out of Control'

For every $5 the city of Lexington spends, $1 goes to public pension obligations, proof that "our pension costs have spiraled out of control," Mayor Jim Gray said at a news conference Monday. Gray, Louisville Mayor Greg Fischer and other local government leaders spoke to urge the 2013 General Assembly to pass pension reform, which could include a reduction in retirement benefits and a massive infusion of extra state cash into the Kentucky Retirement Systems. The various pension funds of KRS have a $13.8 billion unfunded liability.