pension reform

Local News
6:23 pm
Tue June 3, 2014

Kentucky City Sues State Pension System Over Risky Investments

Credit File photo

A Kentucky city is suing the state's public pension system over its investment of county employees' retirement money into "risky" hedge funds. 

 An attorney for Ft. Wright, a northern Kentucky city of 5,700, filed a class-action lawsuit Monday alleging that Kentucky Retirement Systems improperly used money from one of its subsidiary funds to make investments that were illegal under state law. 

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Politics
4:22 pm
Tue March 5, 2013

Councilwoman Marilyn Parker Declines Government Pension Benefits

Louisville Metro Councilwoman Marilyn Parker
Credit Parker campaign

Louisville Metro Councilwoman Marilyn Parker, R-18, is forgoing her government pension benefits, citing the lack of real reforms in the 2013 General Assembly.

By declining the benefits Parker is saving the city an estimated $8,500 annually and Metro Government will not have to contribute to the state pension system on her behalf.

Parker says the decisions is meant to send a message to state lawmakers, and alert taxpayers on how serious the pension problem is for Kentucky.

"It is an issue that deeply concerns me for our state and city budgets. I'm concerned that we're not seeing a fix coming out of Frankfort," she says. "And as time goes on it is going our state and local budgets at risk and government at risk."

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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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