3:16pm

Fri May 18, 2012
The Commonwealth

Retirement System Assets Decline

The Kentucky Retirement Systems’ net assets have fallen $680 million in this fiscal year’s first nine months as investment income and contributions failed to cover rising retirement benefits and other expenses. Total assets in the KRS pension and insurance funds dropped from $14.8 billion July 1 to $14.1 billion as of March 31, KRS trustees learned at a board meeting Thursday. KRS collected more than $860 million in contributions and more than $44 million in investment income during those nine months, but paid benefits in that period totaled more than $1.5 billion with about $33 million in additional expenses, according to unaudited KRS financial statements.