kentucky state pensions

Politics
3:13 pm
Wed February 6, 2013

Pension Bill Passes Senate Committee, House Still Has Hang-ups

Credit File photo

FRANKFORT — An effort to reform Kentucky's underfunded pension systems passed in its first hearing Wednesday from a state Senate committee meeting.

Senate Bill 2 stems from the recommendations of a legislative task force that met over the summer to try and solve the pension problems.

It includes a suspension of cost of living adjustments and creates a new hybrid plan that acts like a 401K with a promised rate of return.

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Politics
12:02 pm
Fri February 1, 2013

In Wake of Financial Downgrade, Kentucky Business Leaders Call for Quick Pension Reform

Credit Kentucky Chamber of Commerce

Another change in Kentucky’s financial outlook has the state’s business leaders calling on the General Assembly for immediate pension reforms.

Standard and Poor’s has changed Kentucky’s outlook to negative, citing the state's large unfunded pension obligations as the main reason.

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Politics
2:05 pm
Tue January 29, 2013

Council GOP Lobbying State Lawmakers on Pension Reform

Jerry Miller
Credit Louisville Metro Council

Republican leaders in the Louisville Metro Council are headed to Frankfort this week to lobby state lawmakers on pension reform.

The city’s pension cost has more than doubled in the past decade to make up approximately 15 percent of the budget.  In his State of the City address, Mayor Greg Fischer urged residents to call for their legislators to take action in this year’s session to change the system.

Republican Caucus Chairman Ken Fleming, R-7, and Vice-Chairman Jerry Miller, R-19, are scheduled to meet with Republican state Sen. Damon Thayer of Georgetown, who co-chaired a legislative task force on the state pension system.

Miller says rising pension costs are at critical stage and are extremely important for Louisville residents because of the potential impact on city services.

"If you’re in government you have to deal with pension cost because of it’s dramatic increase, which is really crowding out a lot of other things we’d like to do—social services and a variety of other things," he says.

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Politics
2:14 pm
Thu January 10, 2013

Coalition Rallies Against Big Changes to Kentucky Public Pensions

Credit Wikipedia Commons

FRANKFORT — Current Kentucky state employees and retirees packed the Capitol Rotunda to encourage lawmakers to rethink some proposals made by a task force on public pensions last year.

Calling themselves the Kentucky Public Pension Coalition, the group of more than a dozen interested organizations encouraged their members to tell lawmakers not to switch to a hybrid pension plan for new hires and to reinstate cost of living adjustments every year.

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Politics
5:37 pm
Tue January 8, 2013

Stumbo, Stivers: Kentucky Pension Funding Will Likely Wait. Again.

Robert Stivers and Greg Stumbo
Credit Legislative Research Commission

FRANKFORT—Kentucky legislative leaders say solutions on how to pay for Kentucky’s underfunded pensions won’t likely be addressed in the 2013 legislative session, which began Tuesday.

Both House Speaker Greg Stumbo and Senate President Robert Stivers say there will likely be a bill to introduce changes to the pension systems. But they also agree that such a bill is unlikely to deal how to fund the changes.

What they do disagree on is when to deal with the funding solutions. Stumbo says pension funding should be dealt with in a special session, hand in hand with tax reform.

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Politics
7:00 am
Tue December 25, 2012

Kentucky Legislative Leaders: Pensions Will Be Top Issue in 2013

Greg Stumbo and Damon Thayer
Credit Legislative Research Commission

Figuring out how to finance a plan to shore up Kentucky public employees' pensions will be the General Assembly's greatest task in 2013, two legislative leaders said.

A legislative task force has suggested several ways to brace  state employee pensions, but passing legislation and paying for it will be difficult. Lawmakers' proposals include relying on existing economic growth and raising taxes on Kentuckians with higher earnings.

House Speaker Greg Stumbo said he hasn't settled on a solution.

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Politics
4:21 pm
Tue November 20, 2012

What to do About Kentucky's Struggling Pension Systems? Task Force Makes Recommendations

Mike Cherry

Kentucky's state pension plans have problems, and a bipartisan legislative task force has approved sweeping recommendations to overhaul them -- including putting new employees in a hybrid plans akin to 401Ks.

The task force -- with an 11-1 vote -- is recommending that the General Assembly start fully funding their pension contributions starting with the next budget in 2014. Lawmakers’ inability to do that is part of the pension plans problems. 

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Politics
12:29 pm
Mon November 5, 2012

Stumbo: Hunting Amendment Should Pass, No Bonds for Pensions

House Speaker Greg Stumbo is predicting a wide margin of victory for the only constitutional amendment on the ballot.

The amendment was proposed by Stumbo and sailed through the General Assembly easily in 2011.

It would put the right to hunt and fish as a permanent right in Kentucky’s Constitution. Stumbo told WHAS radio host Mandy Connell that Tennessee passed the bill by an overwhelming margin and predicts Kentucky to do the same.

“ (Tennessee passed) by about 90 percent, and we’re a lot like Tennessee when it comes to that issue," said Stumbo, a Democrat.

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Politics
4:40 pm
Thu October 18, 2012

Handful of GOP House Candidates Ask David Williams To Not Use Pension Loophole

A group of GOP House candidates are encouraging one Republican leader to take a bold stance on a pension issue.

Republicans Chris Hightower, Jason Crockett, Lynn Bechler, Bryan Lutz and Matt Lockett are all in competitive races for the state House this election cycle.

The candidates want Senate President David Williams to retire, rather than resign, if he is selected and accepts a judgeship in his home county.

Politics
11:10 am
Wed September 12, 2012

Republican Legislative Challengers Announce Plans to Change Lawmakers' Pensions

After years of lawmakers attempting to find solutions to the state’s underfunded pension problems, a group of Republican legislative candidates are hoping to institute a plan of their own.

At a news conference today at the Capitol, the majority of Republican challengers in House and Senate races endorsed a plan to put new lawmakers into a 401k style pension system.

The challengers say if elected their plan would be the first bill they jointly introduce. And they would include themselves in the new 401k plan.

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