Kentucky ERS Basics

  • Established 1956
  • Currently open to new hires
  • Plan covers state and local employees
  • Plan members covered by Social Security
  • Multiple employer, cost sharing plan

Assets, Participants, and Benefits

Assets at Year-End, Kentucky ERS, 2001-2023

Fiscal Year Net Assets (billions)
2001 5.79
2002 5.31
2003 5.25
2004 5.63
2005 5.76
2006 5.88
2007 6.28
2008 5.54
2009 3.97
2010 3.95
2011 4.06
2012 3.45
2013 3.28
2014 3.14
2015 2.88
2016 2.51
2017 2.70
2018 2.70
2019 2.97
2020 3.06
2021 3.96
2022 3.90
2023 4.51

Source: Public Plans Database

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Number of Actives per Annuitant, 2001-2023

Fiscal Year Kentucky ERS US State and Local Pensions
2001 2.0 2.4
2002 1.9 2.3
2003 1.9 2.2
2004 1.7 2.1
2005 1.6 2.1
2006 1.5 2.0
2007 1.4 2.0
2008 1.4 1.9
2009 1.2 1.9
2010 1.3 1.8
2011 1.2 1.7
2012 1.1 1.6
2013 1.1 1.5
2014 1.0 1.4
2015 0.9 1.4
2016 0.9 1.4
2017 0.8 1.4
2018 0.8 1.3
2019 0.7 1.3
2020 0.7 1.3
2021 0.6 1.2
2022 0.6 1.2
2023 0.7 1.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Costs

Employer's Annual Required Contribution as a Percentage of Payroll and Portion Paid for Kentucky ERS, 2001-2023

Fiscal Year Portion of Employer ARC paid Portion of Employer ARC left unpaid US Avg Employer ARC ARC as a Percent of Payroll
2001 2.1 0.0 5.3 1.9
2002 0.6 0.0 5.2 0.4
2003 0.8 0.0 6.0 0.8
2004 1.8 1.5 7.8 3.2
2005 3.4 2.0 9.6 5.3
2006 3.9 3.7 9.9 7.6
2007 5.3 4.5 10.6 9.8
2008 6.0 8.0 11.0 14.0
2009 6.7 9.6 11.0 16.3
2010 8.2 10.5 11.6 18.7
2011 11.4 10.2 13.4 21.6
2012 13.3 12.7 14.1 26.0
2013 17.3 11.2 15.1 28.5
2014 18.1 13.2 15.7 31.3
2015 32.9 0.0 15.7 32.8
2016 30.0 0.0 15.6 30.0
2017 45.5 0.0 15.5 37.1
2018 44.1 0.0 16.2 40.0
2019 66.2 1.2 16.4 67.5
2020 61.1 6.1 16.8 67.2
2021 74.1 0.0 17.4 69.3
2022 72.5 0.0 18.1 68.3
2023 72.0 0.0 17.4 59.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Actuarial Funding

Actuarial Funded Ratio for Kentucky ERS, 2001-2023

Fiscal Year Kentucky ERS National Data
2001 125.8 101.7
2002 110.7 94.6
2003 98.0 88.8
2004 85.8 87.0
2005 74.6 85.4
2006 61.3 85.2
2007 58.4 86.3
2008 54.2 84.4
2009 46.7 78.4
2010 40.3 75.7
2011 35.6 74.3
2012 29.7 72.3
2013 25.8 71.8
2014 23.9 73.2
2015 21.9 73.2
2016 18.9 71.6
2017 16.3 72.0
2018 15.8 72.4
2019 16.3 72.5
2020 17.2 72.6
2021 20.0 75.8
2022 21.8 76.2
2023 21.8 74.2

Source: Public Plans Database

National data averages are weighted by plan size.

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Investments

Asset Allocation for Kentucky ERS, 2023

Category Percent
Equities 35.7
Fixed Income 19.0
Private Equity 5.0
Real Estate 5.2
Cash 14.8
Other 0.0
Commodities 2.3
Hedge Fund 18.0
Misc. Alternatives 0.0

Source: Public Plans Database

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Asset Allocation for State and Local Pensions, 2023

Category Percent
Equities 42.2
Fixed Income 20.5
Private Equity 14.0
Real Estate 10.5
Cash 1.8
Other 0.1
Commodities 2.7
Hedge Fund 6.6
Misc. Alternatives 1.8

Source: Public Plans Database

National data averages are weighted by plan size.

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Asset allocation for Kentucky ERS, 2001-2023

Fiscal Year Equities Fixed Income Private Equity Real Estate Cash Other Commodities Hedge Fund Misc. Alternatives
2001 49.9 37.8 5.3 0.0 7.0 0.0 0.0 0.0 0.0
2002 49.0 41.0 6.0 0.0 4.0 0.0 0.0 0.0 0.0
2003 51.0 40.0 4.0 0.0 5.0 0.0 0.0 0.0 0.0
2004 57.0 35.0 5.0 0.0 3.0 0.0 0.0 0.0 0.0
2005 55.2 35.6 6.6 0.0 2.6 0.0 0.0 0.0 0.0
2006 56.7 35.1 5.8 0.0 2.4 0.0 0.0 0.0 0.0
2007 56.8 33.3 6.9 0.0 3.0 0.0 0.0 0.0 0.0
2008 53.4 34.9 9.5 0.0 2.2 0.0 0.0 0.0 0.0
2009 52.1 24.8 10.2 0.0 3.2 0.0 0.0 0.0 9.7
2010 51.4 23.9 14.3 0.0 1.0 0.0 0.0 0.0 9.4
2011 47.6 22.2 11.3 0.8 7.6 0.0 9.8 0.6 0.0
2012 41.9 21.3 12.3 2.0 1.5 0.0 10.8 10.2 0.0
2013 43.9 19.4 11.2 2.9 2.2 0.0 9.8 10.6 0.0
2014 44.8 18.5 10.0 3.9 2.4 0.0 10.1 10.4 0.0
2015 43.8 18.7 9.6 5.3 2.1 0.0 9.7 10.7 0.0
2016 51.0 13.7 10.2 4.7 1.8 0.0 8.4 10.2 0.0
2017 49.7 16.9 9.9 4.5 3.0 0.0 8.4 7.6 0.0
2018 38.4 30.2 9.9 3.6 3.7 0.0 8.6 5.7 0.0
2019 38.9 33.6 9.0 3.7 4.9 0.0 8.4 1.5 0.0
2020 39.2 38.3 7.9 4.4 3.3 0.0 5.7 1.2 0.0
2021 36.1 20.7 7.6 3.7 7.1 0.0 6.4 18.4 0.0
2022 32.4 19.8 7.5 5.5 12.0 0.0 3.2 19.7 0.0
2023 35.7 19.0 5.0 5.2 14.8 0.0 2.3 18.0 0.0

Source: Public Plans Database

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Annual Return as of June 30 for Kentucky ERS, 2001-2023

Fiscal Year Kentucky ERS Assumed return
2001 -5.42 8.25
2002 -4.28 8.25
2003 4.28 8.25
2004 13.59 8.25
2005 9.30 8.25
2006 9.70 7.75
2007 15.30 7.75
2008 -4.21 7.75
2009 -17.21 7.75
2010 15.81 7.75
2011 18.96 7.75
2012 0.14 7.75
2013 10.82 7.75
2014 15.55 7.75
2015 2.01 7.50
2016 -0.52 6.80
2017 13.47 5.32
2018 8.57 5.32
2019 5.83 5.32
2020 1.15 5.32
2021 25.00 5.32
2022 -5.73 5.32
2023 9.54 5.33

Source: Public Plans Database

National data averages are weighted by plan size.

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Cash Flows

Cash Flow vs. Total Assets (Millions)
Kentucky ERS
2001-2023

Fiscal Year Cash Flow Assets
2001 -160.6 5,790.1
2002 -235.9 5,307.0
2003 -268.5 5,249.8
2004 -319.2 5,625.6
2005 -360.4 5,760.9
2006 -429.8 5,877.2
2007 -456.6 6,283.9
2008 -500.4 5,541.3
2009 -615.8 3,973.6
2010 -617.2 3,948.1
2011 -576.1 4,055.3
2012 -588.4 3,453.7
2013 -529.7 3,275.3
2014 -554.2 3,139.8
2015 -312.8 2,880.3
2016 -349.8 2,508.2
2017 -101.4 2,698.7
2018 -198.1 2,700.1
2019 122.8 2,974.5
2020 24.6 3,059.6
2021 197.0 3,959.9
2022 153.8 3,896.0
2023 316.3 4,509.8

Source: Public Plans Database

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Note: The PPD average is for plans with a similar fiscal year end (FYE) date to the plan presented on this page.


Cash Flow as a Percentage of Assets
Kentucky ERS
2001-2023

Fiscal Year Kentucky ERS National Average
2001 -2.8 -2.0
2002 -4.4 -2.4
2003 -5.1 -2.5
2004 -5.7 -1.8
2005 -6.3 -2.2
2006 -7.3 -2.2
2007 -7.3 -2.0
2008 -9.0 -2.1
2009 -15.5 -3.1
2010 -15.6 -3.2
2011 -14.2 -3.0
2012 -17.0 -3.2
2013 -16.2 -3.1
2014 -17.7 -2.9
2015 -10.9 -2.7
2016 -13.9 -2.9
2017 -3.8 -2.8
2018 -7.3 -2.4
2019 4.1 -2.4
2020 0.8 -2.3
2021 5.0 -2.0
2022 3.9 -1.9
2023 7.0 -1.9

Source: Public Plans Database

National data averages are weighted by plan size.

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2022 Financial Reports

Benefits

Website for Kentucky ERS benefit descriptions.