KRS administers pension and other benefits for substantially all public employees in the state except school teachers. Four plans comprise the System: the Kentucky Employees Retirement System (KERS), which covers most state employees; the County Employees Retirement System (CERS), which covers employees of counties, municipalities, school districts, and other political subdivisions; the State Police Retirement System (SPRS); and the Insurance Fund, which funds medical coverage for retired members of the three plans.
Kentucky Retirement Systems Basics, by Plan
| Plan |
Assets (millions) |
Total Members |
| Kentucky County |
11,837.2 |
222,876 |
| Kentucky ERS |
4,509.8 |
121,976 |
| Other Plans |
592.8 |
76,757 |
| Total |
16,939.8 |
421,609 |
Source: Public Plans Database (as of 2023)
Note: Kentucky Retirement Systems has 1 other plan.
Assets
Assets at Year-End
Kentucky Retirement Systems
2001-2023
| Fiscal Year |
Net Assets (billions) |
| 2001 |
11.8 |
| 2002 |
10.9 |
| 2003 |
10.9 |
| 2004 |
11.9 |
| 2005 |
12.4 |
| 2006 |
13.0 |
| 2007 |
14.2 |
| 2008 |
13.0 |
| 2009 |
9.9 |
| 2010 |
10.5 |
| 2011 |
11.6 |
| 2012 |
10.8 |
| 2013 |
11.2 |
| 2014 |
12.0 |
| 2015 |
11.6 |
| 2016 |
10.9 |
| 2017 |
11.9 |
| 2018 |
12.4 |
| 2019 |
12.9 |
| 2020 |
12.9 |
| 2021 |
15.9 |
| 2022 |
15.2 |
| 2023 |
16.9 |
Membership
Ratio of Actives to Beneficiaries, 2001-2023
| Fiscal Year |
Kentucky Retirement Systems |
US State and Local Pensions |
| 2001 |
2.6 |
2.4 |
| 2002 |
2.4 |
2.3 |
| 2003 |
2.4 |
2.2 |
| 2004 |
2.2 |
2.1 |
| 2005 |
2.1 |
2.1 |
| 2006 |
2.0 |
2.0 |
| 2007 |
1.9 |
2.0 |
| 2008 |
1.8 |
1.9 |
| 2009 |
1.7 |
1.9 |
| 2010 |
1.6 |
1.8 |
| 2011 |
1.6 |
1.7 |
| 2012 |
1.6 |
1.6 |
| 2013 |
1.5 |
1.5 |
| 2014 |
1.5 |
1.4 |
| 2015 |
1.4 |
1.4 |
| 2016 |
1.3 |
1.4 |
| 2017 |
1.3 |
1.4 |
| 2018 |
1.2 |
1.3 |
| 2019 |
1.2 |
1.3 |
| 2020 |
1.1 |
1.3 |
| 2021 |
1.0 |
1.2 |
| 2022 |
1.0 |
1.2 |
| 2023 |
1.0 |
1.2 |
2023 Membership for Kentucky Retirement Systems
| Actives |
Beneficiaries |
Inactive Vested |
Total Membership |
# of Participating Employers |
| 125,995 |
126,369 |
169,245 |
421,609 |
1,492 |
Cash Flows
Cash Flow vs. Total Assets (Millions)
Kentucky Retirement Systems
2001-2023
| Fiscal Year |
Cash Flow |
Assets |
| 2001 |
-222.2 |
11,763.2 |
| 2002 |
-358.3 |
10,906.8 |
| 2003 |
-425.4 |
10,913.5 |
| 2004 |
-476.8 |
11,879.6 |
| 2005 |
-533.5 |
12,405.2 |
| 2006 |
-617.4 |
12,950.2 |
| 2007 |
-639.7 |
14,228.2 |
| 2008 |
-692.9 |
12,955.4 |
| 2009 |
-840.7 |
9,881.7 |
| 2010 |
-848.8 |
10,540.4 |
| 2011 |
-824.9 |
11,617.7 |
| 2012 |
-830.5 |
10,758.7 |
| 2013 |
-741.7 |
11,153.2 |
| 2014 |
-780.3 |
12,015.9 |
| 2015 |
-573.8 |
11,646.5 |
| 2016 |
-692.7 |
10,877.8 |
| 2017 |
-371.0 |
11,921.9 |
| 2018 |
-494.5 |
12,415.9 |
| 2019 |
-175.5 |
12,934.3 |
| 2020 |
-212.6 |
12,861.2 |
| 2021 |
-88.8 |
15,922.7 |
| 2022 |
241.8 |
15,248.2 |
| 2023 |
256.0 |
16,939.8 |
2023 Cash Flows for Kentucky Retirement Systems (millions)
| Inflows |
Outflows |
Investment Gains (losses) |
Change in Net Assets |
| 2,723.8 |
2,467.9 |
1,435.7 |
1,691.7 |
Cash Flow as a Percentage of Assets
Kentucky Retirement Systems
2001-2023
| Fiscal Year |
Kentucky Retirement Systems |
National Average |
| 2001 |
-1.9 |
-2.1 |
| 2002 |
-3.3 |
-2.0 |
| 2003 |
-3.9 |
-2.5 |
| 2004 |
-4.0 |
-2.0 |
| 2005 |
-4.3 |
-2.2 |
| 2006 |
-4.8 |
-2.2 |
| 2007 |
-4.5 |
-2.1 |
| 2008 |
-5.3 |
-2.3 |
| 2009 |
-8.5 |
-3.1 |
| 2010 |
-8.1 |
-3.2 |
| 2011 |
-7.1 |
-3.1 |
| 2012 |
-7.7 |
-3.3 |
| 2013 |
-6.6 |
-3.1 |
| 2014 |
-6.5 |
-2.9 |
| 2015 |
-4.9 |
-2.8 |
| 2016 |
-6.4 |
-3.0 |
| 2017 |
-3.1 |
-2.9 |
| 2018 |
-4.0 |
-2.6 |
| 2019 |
-1.4 |
-2.6 |
| 2020 |
-1.7 |
-2.4 |
| 2021 |
-0.6 |
-2.1 |
| 2022 |
1.6 |
-2.1 |
| 2023 |
1.5 |
-2.2 |
