The Kentucky public employee benefits plans were underfunded by $29 billion as of June 30, despite House Speaker Jody Richards’ suggestion that same week that the General Assembly had just fixed the problem during their expensive special session.
There can be no question the problem is far worse now.
So, Gov. Steve Beshear has called a press conference for tomorrow at 11 am to make an announcement “regarding pension reform.”
A Beshear spokeswoman declined to offer any details of his plan prior to the dog-and-pony show.
Maybe we will have another Blue Ribbon Commission.
Nothing positive will happen on this front until public employee benefits in Kentucky are scaled way back to more closely reflect what is available to taxpayers in the private sector. And more government spending must immediately be redirected toward lowering the unfunded benefits before Kentucky goes bankrupt.