We are counting down the top 30 reasons to donate $17.92 each month to the Bluegrass Institute as part of our 1792: Never Out of Date campaign.
Reason #26 to donate: The practice of reciprocity has enriched legislator pensions and is financially breaking the state.
From Future Shock:
They bestowed upon themselves a pension privilege called “reciprocity.” This policy allows all legislators serving when all the pension-formula changes were made during the 2005 session – as well as legislators elected in future years – to calculate their pensions NOT on their part-time salary as a legislator but on their full-time salary in another state or local government job held either before or after they left the legislature.
“Reciprocity” is what allows lawmakers to convert their normal pensions into super-sized pensions.
Kentucky’s pension system has a $34.6 billion debt.
Who fights for public pension reform in Kentucky? The Bluegrass Institute. Learn more here.