December 20, 2019
Today Governor Beshear released the actuarial analysis of the 2017 “Keeping the Promise” pension proposal that had been suppressed for the last two years. As expected and as we noted at the time, the report shows closing the existing plans and moving workers into 401k-style defined contribution (DC) plans would’ve cost more to give employees less.
The report has lessons that should apply to Kentucky’s pension debate in the future.
Moving to 401ks costs more than keeping existing plans
A centerpiece of the plan was to move new employees in read more