Kentucky looks to ease local governments' pension pain
FRANKFORT, Ky. (AP) — Taylor Mill, a city of about 7,000 people just across the river from Cincinnati, has 45 employees that account for most of the city's $5.2 million budget that includes an 80-acre park, a 12-person police force and an annual Easter egg hunt.
But beginning July 1, the city will have to pay an extra $710,000 to the state retirement system on behalf of its workers. The 60 percent increase, which by itself accounts for more than 13 percent of all city spending, is one of the highest increases in the state and part of Kentucky's efforts to save one of the nation's worst-funded public pension plans.