Nearly a week after receiving the latest report on the financial mess that is the Kentucky Retirement Systems, the KRS has released their information to the unwashed masses.
The good news is that the unfunded actuarial liability has only increased by $1,684,998,416. The bad news is that even if we had an extra two billion dollars laying around, it would not put a dent in the deficit carried over from last year which was $31,128,411,829. And the really scary news is that the current $32,813,410,245 deficit is based on June 30, 2008 figures when the Dow Jones Industrial Average stood at 11,350. It is now 25% lower at 8452. The current figures also don't include all the toxic securities our investment gurus were loading up on before they exploded this past fall.
And, of course, you get to make up whatever they can't pay out. Good thing House Speaker Jody Richards fixed all this in June.
