Bipartisan task force recommends changes to retirement system

FRANKFORT, Ky. (WYMT) - A bipartisan general assembly task force is recommending changes to the Kentucky retirement system.

The task force was formed to come up with ways to pay down a roughly 35-billion dollar liability that the state owes over the next 26 years.

The group's recommendations include doing away with automatic cost-of-living adjustments for state workers.

They also say the state needs to pay more into the KRS fund, which in recent years has only been paying the minimum amount.

Officials say the 35-billion dollar deficit is largely due to the economy.

They say returns on investments have fallen short of projections.

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