Posts Tagged ‘Kentucky Retirement System’

Kerfuffle in Frankfort

Thursday, February 14th, 2013

There is a kerfuffle in Frankfort. And lawmakers are flummoxed.
Don’t you love those two words?
Kerfuffle: Disturbance; fuss.
Flummoxed: Confused.

Lawmakers in Frankfort are in a kerfuffle over the pension and are flummoxed over what to do to solve the plan’s mammoth unfunded liability.

The key word added to the sentence above that has created the kerfuffle and caused lawmakers to be flummoxed is pension.

A pension is a gratuity granted (as by a government) as a favor or reward; one paid under given conditions to a person following retirement from service or to surviving dependents.
By the way, it is French and we all know the condition of that country’s financial system.

The recommendations of a task force that studied the pension challenges facing Kentucky, and a bill, authored by task force co-chair Sen. Damon Thayer, have passed the Senate. Senate Bill 2 calls for full funding of the Kentucky Retirement Systems. The bill does not spell out where that funding will come from.

This is weighing on the minds of many in the commonwealth. State workers and retirees, mayors, employers, the governor, the business community, and the Kentucky Chamber of Commerce want to see a plan to address the staggering unfunded liability.

The president of the Kentucky Chamber of Commerce, Dave Adkisson, is on ‘One to One’ this weekend. He talked about the pension issue and other matters the chamber would like to see the General Assembly address this year.

Adkisson also said he’s optimistic about the improvements Kentucky has made in education at all levels.

Adkisson talked about the state’s Medicaid concerns and how difficult it might be to plan and budget for that program in the future.

‘One to One’ airs Sundays at 1 pm ET on KET

Advocacy Group Keeps an Eye on the State Pension System

Saturday, December 8th, 2012

According to one report, Kentucky has achieved another first among the states: we now have the distinction of being the worst state in the nation when it comes to funding its pension system for state retirees.

We’ve bested Illinois for this spot!  At a board meeting this week, the Kentucky Retirement System announced that its funding ratio is below 25 percent, beating out Illinois as the lowest funding ratio in the nation.

A legislative task force has been meeting all year on what lawmakers need to do to reform the pension system.

Jim Waters, the president of the Bluegrass Institute for Public Policy Solutions, has a lot to say about the system; his group has been closely monitoring the work of the task force for months.

This Sunday on One to One, Waters tells us what needs to be done.
Sunday, Dec. 9 at 1 pm ET on KET and Tuesday, Dec. 11 at 7:30 pm ET on KET 2 Here’s a preview:

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