FRANKFORT, Ky. (AP) — A pension oversight board in Kentucky has been told that rising life expectancy rates for retirees will add to the state’s soaring pension costs.
The updated assumptions showing that retirees — both men and women — will live longer were presented to the state’s Public Pension Oversight Board on Monday.
Figures showing retirees will live longer means more benefit checks will be issued by state pension plans. Kentucky already has one of the country’s worst-funded public pension systems.
Republican Sen. Jimmy Higdon says it’s important to have accurate assumptions as state officials try to tackle Kentucky’s pension woes. He calls it a “step in the right direction.”