To be more specific the funding level of Kentucky’s worst plan KERS is three times worse than Detroit’s worse plan. Political leaders in Kentucky including Rand Paul and Jim Gray have even bad mouthed Detroit, while ignoring what is going on in their own back yard.
In Kentucky my suggestion in the 1st edition for restructuring KRS from edition one has resulted in a proposed resolution by the Louisville Metro Council, which is in the appendix. The Kentucky Teachers plan executive director after our revelation of how bad the funding was at nearly 50% is now asking for an additional $400 million a year to prop up that plan. Non-government entities in Kentucky continue to file legal cases to escape the worst funded pensions in the country.
The First Edition received great reviews in Forbes and other places, was featured in Matt Taibbi’s Rolling Stone article and Gretchen Morgenson’s New York Times column and made the local bestseller list in Kentucky for 2 weeks in a row.