What’s the difference in past pension task forces and the new one that began meeting on July 2?
So far, the primary difference between the pension task force that met and offered some sound recommendations during Gov. Ernie Fletcher’s administration and the one meeting this year is that this year’s group is made up entirely of elected officials whereas the previous group was appointed.
Plus this year’s task force was created by concurrent resolution, which has the force of law, and which must offer recommendations for addressing Kentucky’s $34 billion unfunded pension liability by Dec. 7 — well ahead of next year’s session of the Kentucky General Assembly.
Also, let’s hope this task force demonstrates more spine than Fletcher’s group, which did little to address the most serious issues involving our pension system, including moving new hires to a defined contribution plan like a (401)k.
Let’s hope elected officials will begin to feel the heat from the grassroots who are beginning to understand that continuing to deepen Kentucky’s pension-liability ditch will only result in a deeper fiscal crisis.
At the first meeting of the task force, task force co-chairman Mike Cherry, D-Princeton, claimed “everything’s on the table.”
Everything? Does that mean legislators’ bloated pensions as well?