State Rep. Mike Cherry

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
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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