Callback to that earlier article about the frigged-up pension system:
For example, KRS assumed that it would earn an average of 6.75 percent to 7.5 percent on money it invested, but it earned an average of 4.75 percent, Farris said. KRS assumed that public payroll would grow by 4 percent a year through pay raises or more government hiring — a larger payroll means larger pension contributions by employees — but public payroll has dropped overall because of repeated budget cuts, he said.
The fact that it's a wreck is bad enough, but it's even worse that people (apparently) intentionally manipulated all of this with wrong and unrealistic numbers to lie about how bad things were. Makes you think that the only requirement to be on the retirement pension board is to score about an 8 on the Wonderlic.
For example, KRS assumed that it would earn an average of 6.75 percent to 7.5 percent on money it invested, but it earned an average of 4.75 percent, Farris said. KRS assumed that public payroll would grow by 4 percent a year through pay raises or more government hiring — a larger payroll means larger pension contributions by employees — but public payroll has dropped overall because of repeated budget cuts, he said.
The fact that it's a wreck is bad enough, but it's even worse that people (apparently) intentionally manipulated all of this with wrong and unrealistic numbers to lie about how bad things were. Makes you think that the only requirement to be on the retirement pension board is to score about an 8 on the Wonderlic.