By GINA KINSLOW
Glasgow Daily Times
Members of the Edmonton City Council adopted a resolution earlier this week in support of the reforms proposed to the County Employees Retirement System.
“The Kentucky League of Cities is asking all city government councils to support some reforms to the County Employees Retirement System, CERS,” said Mayor Howard Garrett prior to the council adopting the resolution.
Garrett continued that he has mentioned how much the city of Edmonton contributes to CERS for the past three years in his budget message.
“In 2003, the city of Edmonton paid approximately $145,000 into the retirement benefits of that year,” he said. “This year we will put in $266,000. It has increased that much over those 10 years.”
The resolution states that “without significant reform to CERS, employer contribution rates are projected to continue their upward trend for decades and the pension liability for CERS has increased $7.131 billion since 2000, despite that cities and other employers in CERS always paid what was required, which indicates systemic problems in CERS.”
“It just keeps growing,” Garrett said.
Read the full story in Thursday's print or e-edition of the Glasgow Daily Times.