Audit reviews Kentucky Teachers’ Retirement Systems

Audit reviews Kentucky Teachers’ Retirement Systems
A report by Kentucky Auditor Mike Harmon shows the pension system for teachers is on more solid ground. (Source: Pexel/stock image)

FRANKFORT, Ky. (AP) — A report by Kentucky Auditor Mike Harmon shows the pension system for teachers is on more solid ground.

Harmon says the financial statement audit of the Kentucky Teachers’ Retirement Systems shows that its fiduciary net position increased by some $600 million. The review shows the amount rose to $21.9 billion in the fiscal year that ended in June. The amount was $21.3 billion the prior fiscal year.

Harmon says the audit allows taxpayers, educators and policymakers to be aware of how the system has performed.

In recent years, Gov. Matt Bevin and the GOP-led legislature committed to full pension funding.

TRS management says in the new audit that assuming the state’s contributions meet the actuarily recommended amount, TRS should have sufficient assets to provide all benefits due to its members.