Pension Legislation Should Solve Real Problems and Avoid Harmful Consequences
Legislative leaders say they will soon share a framework for potential pension legislation the General Assembly will consider in a...
Level Dollar Approach Shifts Enormous Burden to Upcoming Budget
The proposed level dollar approach to funding Kentucky’s pension liabilities would shift a large burden to our upcoming state budget and ask comparatively little from budgets a couple of decades...
Kentucky Will Face Transition Costs If It Switches to 401ks
Proponents are claiming Kentucky will face no transition costs from shutting down its defined benefit (DB) pension plans and moving employees into 401k-type defined contribution (DC) plans. That assertion ignores...
Decline of Private Sector Defined Benefit Plans No Model for Public Plans
Calls to end Kentucky's defined benefit (DB) public pension plans often refer to the move away from DB plans in the private sector and suggest the public sector should follow...
Proposed 401ks Cost More Than Kentucky’s Existing Pension Plans
The 401k-type defined contribution (DC) plans proposed by PFM in their final report would cost more than Kentucky’s existing defined benefit (DB) plans, according to data from PFM itself and...
Pensions Need Responsible Funding Plan, Not Exaggerated Claims
Click to view as PDF. The series of reports from PFM on Kentucky’s pension systems overstate serious challenges with the condition of the state’s plans to justify drastic cuts in benefits....
Clawback of Cost of Living Adjustments Would Be Major Hit to Retiree Checks
The Bevin administration's consultant recommends a massive cut to many retirees' incomes by rolling back past cost of living adjustments (COLAs) — a proposal that could reduce pension checks by...
PFM Report Uses Exaggerated Claims to Justify Harsh, Counterproductive Cuts
The final report from the state’s pension consultant PFM uses exaggerated claims about the condition of all of the state's pension plans to justify harsh and ultimately counterproductive cuts to...
Pension Session Without New Revenues Won’t Fix Problem
In January, Gov. Bevin announced he would call a special session this year on pensions and tax reform. At the time, he said the issues must go together and rightly...
Switch to 401k-Type Plan for Kentucky Public Employees Will Cause More Harm
Click to read the report as a PDF. Click for a one-page summary of the report. Kentucky needs solutions that work to pay down its unfunded pension liabilities. A new...