pensions

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
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
11:00 am
Sun December 23, 2012

Beshear Blends Old and New Legislative Priorities in 2013

Steve Beshear
Credit Kentucky Governor's Office

Gov. Steve Beshear is blending a mix of old and new when it comes to his legislative priorities in 2013. 

With the 2013 session’s first days only weeks away, Beshear is ready to push some old initiatives while helping lawmakers solve pressing issues like pensions.

Beshear says he will once again try to find enough votes to pass expanded gambling legislation in 2013. And he wants to pass the so-called dropout bill as well.

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Politics
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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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
3:15 pm
Fri September 14, 2012

Whistleblower Disputes Retirement Officials on Placement Agent Claim

A whistleblower and former member of the Kentucky Retirement System’s board of trustees is disputing claims that the pension plan hasn’t used placement agents recently.

Chris Tobe is an investment expert who served on the system’s board for four years. He’s also the main witness in a Securities and Exchange Commissions investigation into KRS and its previous uses of placement agents.

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Politics
1:50 pm
Thu September 13, 2012

Retirement Official Says Pensions Systems Haven't Used Controversial Placement Agents Recently

After being heavily criticized for their use, Kentucky’s major pension program says it hasn't used a placement agent for three years.

Placement agents are investing middle men that direct pension funds to investment opportunities. Kentucky has not had a good track record with placement agents, who have been accused of mismanaging millions for the pension funds according to a 2011 audit.

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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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Politics
1:00 pm
Wed September 5, 2012

Lawmaker Seeks to End Legislators' Pensions

A Kentucky Republican lawmaker is attempting to end the pension program for legislators.

State Representative David Floyd says Kentucky’s part-time lawmakers shouldn't get pensions. But currently they do, and some lawmakers are able to fatten their pensions by taking higher-paying jobs elsewhere in government, then collecting a pension for the higher salary after they retire.

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Politics
9:30 am
Mon August 20, 2012

Beshear Says Hybrid Solution for Struggling Pensions Could Work

Governor Steve Beshear says he's interested in a so-called hybrid approach to pension reform.

Lawmakers are discussing how to fix the flailing public pension plans for state and county employees. They'll make recommendations at the end of the year.

Beshear says he would support a plan, that allows current to employees keep their pensions, but require new employees to pay into a 401k-type plan.

But the governor's support isn't without qualifications.

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