A recent Gallup poll revealed that Kentucky is one of the top 5 most stressed states in the nation. Certainly not something to be proud of. One has to wonder though, what is the source of this stress? Might it be Kentucky’s ever-growing public pension crisis? Probably not.…
While state lawmakers and defenders of the status-quo pat themselves on the back for a last-minute, “successful” legislative session, the standard of living for all Kentuckians continues to be in danger. Once again, state lawmakers failed during a legislative session to enact meaningful public pension system reform. Rather than take effective action against a $34…
If Kentucky lawmakers are serious about reforming the state’s ailing public pension system, here are four steps they should seriously consider taking to get on the path to recovery: Make the pension system transparent. Why shouldn’t taxpayers know which politicians and bureaucrats are collecting two, or in some cases three, pension checks at their expense?…
During a recent interview with cn|2 Pure Politics, state Sen. Jimmy Higdon, R-Lebanon made a couple of bold claims. I have some questions about those claims. Question 1: Does the single act of moving newly enrolled employees to a hybrid defined contribution plan “stop the digging?” It certainly does not. To truly “stop the…
Shouldn’t pensions be based on time worked? It is commonly agreed upon that pensions are compensation to provide retirement stability for time actually worked in an organization. You and I know this. Apparently, though, our state government does not. Kentucky Retirement Systems allows some state employees to purchase what is called“air time.” This practice allows…
The following is an op-ed I submitted for publication in the Lexington Herald-Leader. It was printed on Monday April 15, 2012. You can view the letter on the paper’s website here. If Kentucky’s public pension system was a private-sector business, it would have been forced to close its doors many years ago. Unfortunately, the pension…
By D. Eric Schansberg, Ph.D. Despite establishing a blue ribbon commission, Gov. Beshear’s administration failed to make any progress in reforming Kentucky’s antiquated and burdensome tax code during this year’s General Assembly. But Kentucky is not the only place where tax reform is needed. It’s badly needed on the federal level, as well. This year…
There’s not much protection – and even less affordability – for Kentuckians in President Obama’s misnamed Patient Protection and Affordable Care Act, otherwise known as “Obamacare.” Temporarily, Kentucky may be able to afford it – only because the federal government is waving dollars in front of cash-hungry politicians. But in the long run, Obamacare will…
Truth is hard to come by in any walk of life. But when that walk takes you on a stroll through cities like Frankfort or Washington, getting to the truth may prove downright impossible. As another lackluster legislative session has come and gone in the commonwealth, our elected officials have already subjected us to laughable…
Kentucky taxpayer money is being wasted 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…