The Kentucky Public Pensions Authority (KPPA) Board of Trustees released its Fiscal Year 2024 Annual Comprehensive Financial Reports (ACFR) for the County Employees Retirement System (CERS) and the Kentucky Retirement Systems (KRS).

The FY 2024 CERS ACFR shows that total CERS assets increased to a record $19.1 billion as of June 30, 2024. The increase of $1.9 billion over FY 2023 was primarily due to investment performance, which averaged 11.7% across all pension and insurance plans.

CERS member contributions increased 9.3% over FY 2023 due to growth in covered payroll for nonhazardous and hazardous plans. Employer contributions were down 3.7%. Net investment income added $1.9 billion during FY 2024. That, on top of $1.6 billion in investment income in FY 2023, means that over the past two fiscal years, investment performance has contributed nearly $3.5 billion to CERS, helping offset a 6% increase in benefits paid and refunds.

Starting this year the KPPA is producing separate annual reports for CERS and KRS, based on decisions by the boards of trustees for the respective systems. The ACFR report is a set of financial statements that outline the financial position of government entities at the year’s end.  

CERS and KRS pension and insurance plans are projected to be fully funded by 2049, according to KPPA’s actuary, GRS, provided the plans receive their full Actuarially Determined Employer Contributions each year, and all actuarial assumptions are met.

The ACFRs show that the systems operated by KPPA paid out more than $2.2 billion in pension benefits in FY 2024, 93% of which went to Kentucky residents.

View the full FY 2024 ACFR here.