Contract awarded to PFM Group to review state's pension system

FRANKFORT, Ky. (WKYT) - Gov. Matt Bevin on Monday announced the Public Financial Management Group was selected to provide consulting services for a comprehensive review of Kentucky’s state pension systems.

“Reforming the state’s ailing pension systems is one of this administration’s top priorities,” Gov. Bevin said. “The findings that will come from this pension fund audit will accurately identify our actual pension liabilities."

A recent report from S&P Global Ratings found Kentucky has the lowest ratio of funds required to meet current and future pension obligations. Estimates suggest the state has $35 billion in unfunded pension liabilities.

The PFM Group will provide pension plan advisory services for the Teacher’s Retirement System of the State of Kentucky, the Kentucky Retirement System, and the Kentucky Judicial Form Retirement System.

The PFM Group previously provided services for the State of Tennessee and the Lexington-Fayette County Urban Government.

The contract, which was awarded through a competitive bidding process, took effect on Sept. 15.

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