Taxpayers should be outraged that the House State Government Committee extracted what few teeth exists in Senate Bill 2, which largely is a bill designed to offer the illusion of politicians taking meaningful action on Kentucky’s public pension crisis.
Today, the committee voted to approve a watered-down version of the bill that fails even to rise to the low bar established by the legislature’s own task force on pensions, which spent most of last year meeting about the problem.
While SB 2 didn’t even come close to the heart of the problem by leaving out a lack of transparency while failing to address overspending and over-promising of benefits to public workers and the corrupt legislators’ pensions for current lawmakers, it at least proposed move public employees to a hybrid cash balance plan.
But the big-government leaders in the House removed that provision, even though it guarantees a 4-percent return on invested funds (Heh…wouldn’t we ALL like to have such a guarantee?)
One question: Why did 10 of the Republicans on the committee “pass” today instead of vote not only “No,” but “you-know-what NO!?”