Enquiring Kentucky taxpayers’ minds want to know more, much more, about public pension payments

A letter by Ray Davis in today’s Lexington Herald-Leader effectively sums up the need for more transparency in Kentucky’s public pension system. Davis rightly refers to the lack of transparency in the Kentucky Retirement System as “the big, dark secret emanating from Frankfort.” “In Oregon, taxpayers forced their state to reveal pensions and found that…

Warning: Look out special taxing districts

Transparency is moving forward in Kentucky. Kentucky’s Auditor of Public Accounts Adam Edelen announced earlier this year that his office would conduct a fact-finding mission to bring accountability to special taxing districts in Kentucky, which involve entities from water and sewer districts to libraries. At a recent Governors Local Issues Conference, Edelen restated his strong commitment to this…

Courier-Journal takes a look at HB 299

The severity of Kentucky’s pending pension disaster is finally getting attention in Kentucky’s largest newspaper. This week, Courier-Journal columnist John David Dyche delved into the effects of The Kentucky General Assembly’s 2005 House Bill 299. From Dyche’s article: HB 299 reduced the number of years legislators had to serve before drawing a penalty-free pension prior…

Lexington mayor talks “unsustainable” pensions

“Thorny” and “out of control” are the words that Lexington Mayor Jim Gray used to describe the city’s pension situation. Uh oh. In a recent interview with WUKY, Gray explains how the city’s annual required contribution to the pension system has increased by 400% over the past decade and describes this is as “unsustainable”. He…