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 forces and endless computations, the facts have remained stubbornly stark, changing only for the worse.
The editorial goes on to paint a bleak picture for the city’s police and fire protection pensions pointing out that the unfunded liability is nearly half a billion dollars. After setting the stage, a solution to the problem is suggested: mutual sacrifice for taxpayers, police and firefighters, and legislators.
- police officers and fire fighters put their lives on the line each and every day,
- that police and fire protection have lobbied for very generous benefits,
- a stock market crash has muddied the waters of appropriately funding pensions,
- the state legislature needs to step up and help solve this problem
For Lexington taxpayers: You’ve enjoyed the security of excellent police and fire protection but you haven’t paid the full price for it.