Glasgow Daily Times, Glasgow, KY

Local News

February 14, 2013

Cave City supports CERS reforms

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.

Text Only
Local News
AP Video
Ariz. Inmate Dies 2 Hours After Execution Began Crash Kills Teen Pilot Seeking World Record LeBron James Sends Apology Treat to Neighbors Raw: Funeral for Man Who Died in NYPD Custody Migrants Back in Honduras After US Deports Israeli American Reservist Torn Over Return Raw: ISS Cargo Ship Launches in Kazakhstan Six Indicted in StubHub Hacking Scheme Former NTSB Official: FAA Ban 'prudent' EPA Gets Hip With Kardashian Tweet Bodies of MH17 Victims Arrive in the Netherlands Biden Decries Voting Restrictions in NAACP Talk Broncos Owner Steps Down Due to Alzheimer's US, UN Push Shuttle Diplomacy in Mideast Trump: DC Hotel Will Be Among World's Best Plane Crashes in Taiwan, Dozens Feared Dead Republicans Hold a Hearing on IRS Lost Emails Raw: Mourners Gather As MH17 Bodies Transported Robot Parking Valet Creates Stress-free Travel Raw: Fight Breaks Out in Ukraine Parliament
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Seasonal Content