Project

Through _"Shared Responsibility" _the Commonwealth changed the Teachers' health insurance benefit from a pay-go benefit to a prefunded trajectory.  Three funding notes were issued by the Commonwealth of Kentucky Asset/Liability Commission in 2010, 2011 and 2013.  The notes reimbursed, in full, the pension plan for its reallocated contributions and provides stabilization funding so that the phased-in contributions from active teachers, school districts and retired teachers could reach their full impact.

In 2010, the Kentucky Asset/Liability Commission won The Bond Buyer's Deal of the Year Award for the Southeast Region for its first issuance of $467.55 million of funding notes.