pensions

Politics
12:03 pm
Wed July 25, 2012

LIBOR Scandal Likely Affecting Revenues for Kentucky Agencies

A former trustee for the Kentucky Pension Systems says an international banking scandal is leading to millions of dollars in losses for Kentucky agencies.

Investment consultant Chris Tobe believes the pension systems have lost money due to the false interest rates associated with the LIBOR banking scandal.

LIBOR averages interest rates from other major banks to set a standard. Some banks are charged with providing manipulated rates to LIBOR to boost profiles. 

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Politics
5:31 pm
Wed July 18, 2012

Economic Group Encourages Lawmakers Not to Switch Pensions to 401k Style Plans

A relatively new economic think tank in Kentucky has released a report that pushes back on calls to cut the state's pension benefits.

The report from the Kentucky Center for Economic Policy says the idea that public pensioners are well-compensated compared to their private sector counterparts is a myth.

“If you fairly compare what public workers receive at this point in Kentucky, compared to the private sector in total compensated, wages and benefits, you find that they are actually somewhat under-compensated," says KCEP director Jason Bailey.

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Politics
3:36 pm
Mon July 2, 2012

Pension Task Force Says Everything is "On the Table" at First Meeting

A group of Kentucky lawmakers has a new summer assignment…shoring up the state’s failing pension systems.

At least two of Kentucky’s six pension plans are at a high risk for failure. And their troubles have been highlighted by Bloomberg, the New York Times and the Pew Center.

In response, the state has formed a public pension task force. Co-chairman Mike Cherry says he's dedicated to find a solution, and it may not be pretty.

“From my standpoint, everything’s on the table for this summer interim session,” he says.

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Politics
7:30 am
Mon June 11, 2012

Bluegrass Institute Takes Aim at Lawmakers for Pension Problems

The watchdog group Bluegrass Institute has released a report blaming Kentucky’s lawmakers for various issues with the state’s pension systems.

Bloomberg has ranked Kentucky's state pensions among the worst-funded in the country. And the Bluegrass Institute puts the blame on the General Assembly.

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