Pension pain hits here – Knox organizations face huge payment increases

City and County governments and both school systems here were alerted by state budget director, John E. Chilton to expect their pension plan contributions to increase “substantially” for next year. The City of Barbourville faces a 60.6% increase, when most other local plans face an employer payment increase of 50.47%. All together, locally an additional $1,350,859.00 must be paid into the state pension funds next year. For more details, see our story in the next issue of The Mountain Advocate.