Ky. group looks at borrowing for pension shortfall
FRANKFORT, Ky. (AP) — A task force looking for ways to cover Kentucky's $19 billion public pension shortfall will explore the idea of borrowing enough money through the sale of government bonds to resolve the crisis.
The Task Force on Kentucky Public Pensions is expected to review that option at a meeting in September. The panel's co-chairman, Sen. Damon Thayer, said he is cautious about the proposal, but the panel has said that all options are to be considered.
Lawmakers have been trying to identify ways to resolve Kentucky's pension crisis. They hope to pass legislation early next year to shore up the financially troubled government retirement systems.
Several groups, including the Kentucky Association of Counties, raised the idea of a bond sale as a possible fix.