More Kentuckians would understand the damage to taxpayers coming our way as a result of public employee fringe benefits underfunding if the media did even a halfway decent job of covering the issue.
Alas, they don’t:
The pension plans are not in peril because the state can’t get out of making payments. Lower benefits for future employees will help some, but the key is pouring a lot more money into the plans as soon as possible to start dealing with the $30 billion underfunding of the plans.
A special session bill would have merely slowed the rate of underfunding growth, contrary to the assertion repeated by the Herald Leader that there was a commitment to “fully fund” the plans in 20 years.
Senate President David Williams and House Speaker Greg Stumbo spoke Friday about backing off from their already insufficient funding commitment.
And that puts taxpayers in peril.