The state doesn't contribute state tax money to CERS Hazardous pensions for Louisville Metro. The retirement system never collected, and employers and employees never paid, the full cost of what's needed to pay promised benefits to retirees. They underestimated the cost of paying pensions and COLAs, and overestimated how much they'd generate from investments. Why did the retirement system not raise required contribution rates to what was necessary to fully fund the system? Because politicians were