5 Things Kentuckians Need to Know About Federal Budgets Being Voted on This Week
This week both the U.S. House and Senate are expected to vote on budget proposals that would have a devastating...
Budget & Tax
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...
Small Tax Breaks’ Costs Add Up Over Time
Cleaning up expensive tax breaks is essential if we are going to invest in a stronger Kentucky and restore funding to our pension systems. The biennial Tax Expenditure Analysis (i.e....
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...
Pell Grant Cuts Would Reduce College Access and Economic Opportunity in Kentucky
The recent U.S. House budget resolution would slash the Pell Grant program by $75 billion over the next decade, cutting the maximum grant by $1,060 or 18 percent. Pell Grants...