CAVE CITY —
The Cave City City Council has joined other city governments across the state in adopting resolutions to show support for the reform of the County Employees Retirement System of CERS.
The city council adopted its resolution on Monday night.
“Our county retirement system that our city employees are a part of, it’s growing and it’s growing,” said Mayor Dwayne Hatcher. “When I say growing, I’m talking about expense to the city, to the employees.”
Cave City is a member of the Kentucky League of Cities, which is pushing for the reform of the retirement system before the cost to cities gets out of hand.
According to the resolution, the Kentucky General Assembly created the Task Force on Kentucky Public Pensions in 2012 to study and develop consensus recommendations concerning the benefits, investments and funding of the state-administered retirement systems, and any other measures that would lead to the improved financial stability of the state-administered retirement system. The task force approved a comprehensive set of recommendations by a 11-1 vote on Nov. 20, 2012.
Those recommendations are: adopt a hybrid cash balance plan for new employees in CERS; reset the amortization period for CERS for payment of the unfunded liability to a new 30-year period, eliminate the automatic cost of living adjustment for all current and future CERS retirees and appoint an additional member to the Kentucky Retirement Systems Board of Trustees selected by the governor from a list submitted by the KLC, the resolution stated.
Read the full story in the print or e-edition of Friday's Glasgow Daily Times.