Why are private-sector workers receiving public pensions?
Imagine a world in which the employees of nonpublic entities are not allowed to be a part of the state’s public pension system. In this world, taxpayers are not footing the retirement package bill for private organizations’ workforce.
Wait, you didn’t know that Kentucky has private organizations enrolled in the public pension system?
If not, I suppose you are not aware that the Commonwealth Credit Union, Kentucky League of Cities and Kentucky Association of Counties are among 1,701 nonpublic entities whose employees are eligible for taxpayer funded pensions.
This is a great deal for these organizations and a lousy one for Kentucky taxpayers.
Why has this gone on for so long? What interests allowed this happen in the first place?
With the commonwealth’s public pension system suffering from a $34 billion unfunded liability, the last thing it should have to sustain are the retirement plans of private-sector workers. Kentucky’s taxpayers and state workers — whose retirement plans are jeopardized by this — deserve better.
Learn more about solving Kentucky’s public pension crisis here.