Make Kentucky public pensions transparent now

Public pension debt is sinking Kentucky and it is being done behind closed doors.   Demand that legislators make the public pension system transparent! Included in KRS 61.661 is language that ensures public pension disbursements are not subject to open records laws.Kentucky has been broken by a $34 billion unfunded public pension liability and taxpayers…

Editorial echoes Bluegrass Institute’s call for reforming corrupt pension system

The Lexington Herald-Leader today joined the Bluegrass Institute in calling for reforming the state’s corrupt legislative pension system. The editorial stated: “Kentucky’s public pension systems have myriad problems, including a collective unfunded liability exceeding $30 billion. By comparison, the cost of this loophole is miniscule (sic). But the principle is huge. Even without this reciprocity, the rules…

Prefiled bills seek to end legislator pensions

In a recent press release, state representative David Floyd, R-Bardstown made it known that he has prefiled legislation for the 2013 General Assembly session that would end the practice of bestowing lucrative public pension benefits to Kentucky’s part-time legislators. That is certainly one way to attack the state’s egregious unfunded public pension liability. The proposed…

What is the ‘full price’ for Lexington taxpayers?

With pension systems at all levels of government across the nation experiencing difficult times, I believe we can expect to see more conversations like the one in a recent Lexington Herald-Leader editorial: …it’s so hard to find a solution for Lexington’s underfunded police and fire pension system. Through multiple mayors and council members, two task…

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…

History repeats: pension funding potentially even worse

Is Kentucky’s public pension mess even worse than we thought…again? A recent New York Times article by Mary Williams Walsh discusses how the Government Accounting Standards Board (GASB) has revamped the rules for reporting the health of public pension systems. It boils down to this: the new rules require more disclosure and as more information…