March 28, 201313 yr Both sides give, both sides take. General Assembly passes pension reform | Kentucky Politics
March 28, 201313 yr The good news is BGP Dues won't go up now! :wave: The plan does not change the pension plan for existing state and local employees and ensures the state will pay the required contribution. “Any public retiree who is now receiving benefits are protected by what I’m going to ask you to do today,” Speaker of the House Greg Stumbo said on the House floor before the measure passed.
March 28, 201313 yr Author The good news is BGP Dues won't go up now! :wave: The plan does not change the pension plan for existing state and local employees and ensures the state will pay the required contribution. “Any public retiree who is now receiving benefits are protected by what I’m going to ask you to do today,” Speaker of the House Greg Stumbo said on the House floor before the measure passed. As a still existing retiree, I for one am happy.
March 28, 201313 yr They need to completely do away with defined benefits for new hires. You will lose qualified people entering the teaching profession. The retirement is one of the only financial benefits for entering the career.
March 28, 201313 yr You will lose qualified people entering the teaching profession. The retirement is one of the only financial benefits for entering the career. I didn't think this affected teachers. Bus drivers, cafeteria workers, yes...but not teachers.
March 28, 201313 yr You will lose qualified people entering the teaching profession. The retirement is one of the only financial benefits for entering the career. We've heard that for years, I don't believe it. If it does happen then so be it. You can't bankrupt the state because we think we might lose a few teachers. Defined benefits is an out dated broken system and needs to be replaced.
March 28, 201313 yr We've heard that for years, I don't believe it. If it does happen then so be it. You can't bankrupt the state because we think we might lose a few teachers. Defined benefits is an out dated broken system and needs to be replaced. Your not bankrupting the state. Make cuts in other areas that aren't such a need, like maybe entitlement programs. The trouble started by taking money that teachers put into the fund from their paychecks, and robbing Peter to pay Paul in other areas. If you are good with people deciding teaching is no longer a qualified option for a well educated, qualified person, than so be it. I for one would rather welfare dependency not be an option.
March 28, 201313 yr Author Here's an obviously slanted point of view: Pensions Vs. 401K's: Why Pensions are Going Extinct
March 28, 201313 yr Author A few more viewpoints: Defined Benefit or 401K Pension vs. 401k Why a 401(k) is No Replacement for a Pension | NEA Today From the final article: Defined contribution 401(k) plans were never intended to be a pension replacement for employees. They were originally created as a perk for highly paid executives, and were originally called “salary reduction plans” before being renamed for the tax code that makes them possible. The thinking was, the more these executives were paid, the more they could afford to contribute from their paychecks, and the more they had for retirement – on top of the old stand-by pension and Social Security. Another perk was that DC plans are portable – convenient for executives who climb the corporate ladder from one company to another. It all sounds pretty good when the markets are hot and delivering high returns, which is why so many working Americans – executives or not — clamored to get in on the 401(k) action starting in the 1980s. But what happens when the bottom falls out like it did in 2008? People lose money. Lots of money. And moderately paid public employees like teachers who spent their entire careers serving the public in the classroom are suddenly unable to retire after their 401(k) has been decimated by a market crash.
March 28, 201313 yr Your not bankrupting the state. Make cuts in other areas that aren't such a need, like maybe entitlement programs. The trouble started by taking money that teachers put into the fund from their paychecks, and robbing Peter to pay Paul in other areas. If you are good with people deciding teaching is no longer a qualified option for a well educated, qualified person, than so be it. I for one would rather welfare dependency not be an option. I've heard that argument too and while it had definitely added to the problem a defined benefits program just doesn't work. You can't have someone pay into a system for 20 year then pay them back for 40 years.
March 28, 201313 yr With the flurry of activity in recent days, it looks like David Williams' absence in the Senate is a conspicuous one. I've heard of a few legislators saying this as well.
March 28, 201313 yr Author ^ I was wondering just how much of this stuff would have gotten done had he still been around. Hard to tell, I guess.
March 28, 201313 yr You will lose qualified people entering the teaching profession. The retirement is one of the only financial benefits for entering the career. Why? Why can't they just offer 401k plans instead?
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