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Board accepts GRS actuarial assumptions; funding period explained
Summary
Trustees accepted GRS's recommendation to maintain current economic assumptions (price inflation, investment return, payroll growth) and were reminded the legislature controls the statutory funding period, currently targeting full funding around 2049 under the 2019 base.
The Kentucky County Employee Retirement System board voted to accept GRS—s actuarial evaluation and recommended economic assumptions for the coming year, leaving price inflation, investment return and payroll growth unchanged.
Danny, the GRS actuary presenting to the board, told trustees that while the board sets actuarial assumptions, state statute assigns control of the funding period to the legislature. "We're committed to that 2049 funding deadline," he said, outlining how the 2019 base sets the large closed period and subsequent gains and losses are amortized over a 20-year schedule. Trustees asked technical questions about how omitted service and contribution assumptions affect liabilities; the firm said those items change the actuarial baseline only when they are recognized and invoiced.
Board members discussed public concern about a possible "13th check," a benefit-payment topic raised in public comment; staff agreed to prepare and post a clear explanation of what legal steps (legislative approval vs. board authority) would be required for any such payment. The motion to accept GRS's recommendations was made and seconded on the record and approved by voice vote.
