kentucky state pensions

Local News
12:47 pm
Fri January 24, 2014

Kentucky's Zombie of a Pension Problem

Credit File photo

“They was saying on the news, some kind of virus… things got crazy… man, you won’t believe the panic… the broadcasts stopped, and that was the last we heard.” —AMC's "The Walking Dead"

AMC’s hit zombie apocalypse melodrama "The Walking Dead" is a story about a deadly, shambling mass of cannibal undead that brings human civilization to its knees.

But Chris Tobe argues that the show is an apt metaphor for the financial Armageddon he believes the state is inching toward as a result of declining revenue and unfunded pension liabilities.

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Politics
8:14 pm
Tue March 26, 2013

Kentucky General Assembly Passes Pension Bills, Avert Special Session

Greg Stumbo and Damon Thayer
Credit Legislative Research Commission

FRANKFORT — Kentucky's legislative leaders have passed two bills to shore up the state's underfunded pension systems, effectively staving off a special session on the issue.

The new plan would reduce a personal tax credit of $20 to $10, generating about $33 million in revenue that would go to General Fund, but lawmakers would use it for pensions. The plan would also use revenue from technical changes in the state's tax code, as well as money from federal tax changes.

Overall, the plan would generate $96 million in the 2015 fiscal year and $100 million in 2016 fiscal year.

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Politics
12:07 am
Tue March 26, 2013

Kentucky Lawmakers Considering Plan for Pension Reform, But Compromise Appears Uncertain

Greg Stumbo and Damon Thayer
Credit Legislative Research Commission

With only one day left in this year's legislative session, Kentucky House leaders are hopeful they have a deal to up shore up the state's underfunded pension system. But there may not be time to get it through the legislature. 

House Democrats' are building support for a proposal that uses technical wrangling of revenue sources to cut some taxes while raising other funds to pay for pension reform. The current proposal would cut the gasoline tax by one cent, resulting in a loss of funds for the state road fund.

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Politics
6:00 am
Mon March 25, 2013

Kentucky Lottery Approves Online Sales, New Keno Game

Credit Shutterstock.com

The Kentucky Lottery Corporation is moving ahead with a new Keno game and online lottery sales after unanimously approval from its board. 

The board approved the new games with the hopes they would generate $85 million a year by 2023.

State Treasurer Todd Hollenbach spearheaded the effort to expand to Keno and online as a way to help generate more revenue for the state.

He says it will take roughly a year for full implementation of the games.

"So you're probably not going to see anything of any significance until 2014. It takes a little while," he said.

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Politics
3:30 pm
Mon March 18, 2013

Governor Beshear: Pension Talks Keep Going, but No Deal Imminent

Credit Rae Hodge/Kentucky Public Radio

State leaders are still working to find solutions to the Kentucky's troubled pension system—but he's not promising a deal the time the General Assembly regular session ends next week, Gov. Steve Beshear said on Monday.

Beshear has mediated sessions between House and Senate leadership on reforming the pension systems and how to fund them, after the chambers came to an impasse on the issue.

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Politics
11:16 pm
Tue March 12, 2013

Kentucky Legislators to Keep Working on Military Voting, Pension Reform After Adjourning Tuesday

Senate President Robert Stivers talks with other legislators.
Credit Rae Hodge/Kentucky Public Radio

FRANKFORT — Two priorities of Kentucky lawmakers will spill over to the so-called veto period of the 2013 legislative sessions after the issues could not be resolved by the end of Tuesday.

Legislators were unable to compromise on pension reform and the military electronic voting bill before both legislative chambers adjourned until March 25.

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Politics
4:52 pm
Tue March 12, 2013

Gov. Steve Beshear: No Deal on Pension Reform In Sight, Special Session Becomes More Likely

Steve Beshear
Credit Rae Hodge/Kentucky Public Radio

With no deal and time running out, a special session is becoming more likely for Kentucky lawmakers to reform the underfunded pension programs for state employees, Gov. Steve Beshear said on Tuesday.

It's unlikely that the General Assembly will address pension reform before legislators leave Frankfort after Tuesday for a brief period called the veto break, Beshear said. Legislators have 

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Politics
2:07 pm
Fri March 8, 2013

Beshear, Legislative Leaders Meet to Break Impasse on Kentucky Pension Reform

Steve Beshear
Credit Kentucky Governor's Office

FRANKFORT — Gov. Steve Beshear has concluded a meeting with a bipartisan group of legislative leaders without breaking an impasse on pension reform legislation.

The Democratic-controlled House and Republican-led Senate have been at loggerheads on how to shore up the financially troubled pension plans for state and local government retirees.

House Speaker Greg Stumbo called the Friday morning meeting a first step. He's said everyone involved wants to resolve the issue now to avoid the cost of a special legislative session later.

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Politics
12:21 am
Fri March 8, 2013

Kentucky Lawmakers Change Schedule in Hopes of Avoiding Special Session

Kentucky House and Senate leaders have changed the schedule of this year's legislative session to avoid a special session.

A potential—and costly—special session has loomed over the General Assembly in recent days, as lawmakers continued work on pension reform. Instead of convening Friday, lawmakers will work on Tuesday, with hopes that talks started Thursday night could lead to an agreement on pension reform by then.

House Speaker Greg Stumbo says those talks have included the Governor and Senate leaders. 

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Politics
11:25 am
Fri March 1, 2013

Kentucky Pension Bills in 'Legislative Purgatory' as Both Chambers Argue Over Procedure

Robert Stivers and Greg Stumbo
Credit Legislative Research Commission

FRANKFORT — Arguments over how to reform and pay for Kentucky's underfunded pension systems have devolved into legislative chaos.

Both the Kentucky House and the Senate are refusing bills addressing pensions, citing legal or procedural reasons. And leading legislators are blaming each other. 

The 2013 session has eight working days remaining, but doesn't officially close until March 26 to allow time for vetoes and overrides.

House Speaker Greg Stumbo says the Senate's actions are killing the issue.

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