Kentucky's public workers hit the exits. Retirements surge by 18 percent this year.
Nearly 1,300 more public employees than expected chose to retire during the fiscal year that ends this month, creating an 18 percent spike at the already cash-strapped Kentucky Retirement Systems, according to newly released data. And the numbers could get even more dramatic in August, which is traditionally the most popular retirement month for state workers.
The largest surge in retirements — 30 percent — came from Kentucky's state government, compared to a relatively more modest 10 percent increase in retirements from local governments. The $16 billion KRS is responsible for providing benefits for 372,524 active and retired public employees. It faces an unfunded liability of $27 billion.
State workers say waves of budget cuts over the last decade and reductions in employee benefits, including pensions, have made public employment far less attractive.
"It's no mystery what happened. The governor and the legislature did this," said David Smith, executive director of the Kentucky Association of State Employees. "You've got their attacks on public pensions. You've got yet another state budget that doesn't have raises for most state employees. You've got state agencies so badly understaffed it's miserable for the people left behind."
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