Kentucky Task Force on Pensions

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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8:00 am
Fri November 23, 2012

Stumbo: Make High Earning Pensioners Pay More to Help Fund System

Kentucky House Speaker Greg Stumbo
Credit Kentucky Legislative Commission

State employees with higher pensions should pay more to help the underfunded systems recover, Kentucky House Speaker Greg Stumbo said in a recent interview.

One thing Stumbo doesn't want to see is lawmakers floating bonds to help pay for the state’s underfunded pensions.

And that echoes what Republicans want; they're ruling out such a possibility.

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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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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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Local News
4:20 pm
Wed September 19, 2012

Local Government Leaders Seek Relief From Pension Costs

Louisville Mayor Greg Fischer/ WFPL file photo
File photo

Elected officials from Kentucky’s metro areas are appealing to state lawmakers to reform the public pension system to keep it from consuming a growing share of their budgets.

They testified in Frankfort this week before the Task Force on Pensions.

Among them is Louisville Mayor Greg Fischer. He says pensions accounted for just over five percent of the city’s budget in 2004. By 2011, the figure had risen to nine percent.

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