Many schools across the state have spring break next week. Some school admins are thankful of that, but I would say Frankfort will be busy Monday and Tuesday.

How long will it be before the powers that be say that the 2018 "fixes" to the Teachers Benefits Package didn't go nearly far enough for the long-term financial health of the State of Kentucky?

 

It won't be long. They will let this settle down, they will tease you with a couple of crumbs along the way, and then BAM!

There is a flu epidemic and a rough stomach bug going around. :lol2:

 

I think it was bad side effects of some bad sewage.

I've said it before but will again. This is really a two part problem. First is properly funding the already promised pensions for ALL state employees and teachers. If that means a temporary revenue source (tax of some kind if need be) to replace what was stolen from the fund then so be it. Two is changing the system moving forward. This was already done for other state employees moving new hires to a 401K type program (it's not 401k but can't think of what it is). This was not for existing employees but only for new hires. The same thing should be done for teachers.

I've said it before but will again. This is really a two part problem. First is properly funding the already promised pensions for ALL state employees and teachers. If that means a temporary revenue source (tax of some kind if need be) to replace what was stolen from the fund then so be it. Two is changing the system moving forward. This was already done for other state employees moving new hires to a 401K type program (it's not 401k but can't think of what it is). This was not for existing employees but only for new hires. The same thing should be done for teachers.

 

:thumb:

How long will it be before the powers that be say that the 2018 "fixes" to the Teachers Benefits Package didn't go nearly far enough for the long-term financial health of the State of Kentucky?

 

It won't be long. They will let this settle down, they will tease you with a couple of crumbs along the way, and then BAM!

 

It's definitely not the end. It will save less than 1% of the projected $40B unfunded liability.

I've said it before but will again. This is really a two part problem. First is properly funding the already promised pensions for ALL state employees and teachers. If that means a temporary revenue source (tax of some kind if need be) to replace what was stolen from the fund then so be it. Two is changing the system moving forward. This was already done for other state employees moving new hires to a 401K type program (it's not 401k but can't think of what it is). This was not for existing employees but only for new hires. The same thing should be done for teachers.

 

Well said!

 

I am not an expert on this but we had a deferred compensation program we could voluntary participate in and that is something I think should be explored more as a long term solution.

I would love to have back the 12% of my salary that I've paid into the system over the last 7 years and set up an account of my choosing. However, I know it will not be done this way. I do have a separate retirement account but barely anything is going to it now since I'm paying for student loans for both my bachelor's and master's. And then when I have to pay for another master's to get a rank I pay raise.

It's definitely not the end. It will save less than 1% of the projected $40B unfunded liability.

 

My 'good buddy' Grady Seasons spoke on this topic once:

 

It's definitely not the end. It will save less than 1% of the projected $40B unfunded liability.

 

That's another head-scratcher. This legislation could at least have some defense if it were making a significant dent.

I've said it before but will again. This is really a two part problem. First is properly funding the already promised pensions for ALL state employees and teachers. If that means a temporary revenue source (tax of some kind if need be) to replace what was stolen from the fund then so be it. Two is changing the system moving forward. This was already done for other state employees moving new hires to a 401K type program (it's not 401k but can't think of what it is). This was not for existing employees but only for new hires. The same thing should be done for teachers.

 

I think this is probably one of the more fair solutions I've seen. The teachers union does not want to budge on defined benefit plans. State employee unions and employees need to come to realization defined benefit plans are just not sustainable in the modern era with longer life expectancies. People are collecting pensions as long or longer than the years they actually worked. When these systems were set up this was rarley the case.

 

Major corporations such as General Motors and Ford have completely got out of pensions because of the financial liability. In the private sector defined benefit plans are all but extinct outside of the Cash Balance version. The state should probably look into the buyout options that a lot of corporations have gone through and transfer the remaining liability to an insurance company.

The coverage of this story has been so lopsided . Do you really think all the parents who had to call in sick to work to stay home with their children are feeling sympathy for the teachers ? In the private sector when pay changes or benefits how many of those employees have the option just to call in sick? Everyone in the private sector has been going through the change from defined benefit to defined contribution for the last 10-20 years, I'm guessing a lot of people are wondering why should teachers be exempt.

 

Also in the state of Ohio with their OPERS program they already saw a major restructure a few years ago that we can't get the union in KY to even budge on.

The coverage of this story has been so lopsided . Do you really think all the parents who had to call in sick to work to stay home with their children are feeling sympathy for the teachers ? In the private sector when pay changes or benefits how many of those employees have the option just to call in sick? Everyone in the private sector has been going through the change from defined benefit to defined contribution for the last 10-20 years, I'm guessing a lot of people are wondering why should teachers be exempt.

 

Also in the state of Ohio with their OPERS program they already saw a major restructure a few years ago that we can't get the union in KY to even budge on.

 

They don’t call in sick. They strike. It’s illegal for teachers to strike hence you get the Frankfort sewer flu.

They don’t call in sick. They strike. It’s illegal for teachers to strike hence you get the Frankfort sewer flu.

 

I edited my original post wasn't fair. But no most employees don't strike they go to work.

I just find the teachers union to be disingenous in this whole situation. Where was their leadership the last 20 years when the pension wasn't being funded. Where were the protests under past adminstrations. Now they are angry because someone is trying to ammend past mistakes.

 

The fact of the matter is if this were a private pension the federal government would of dissolved or shut it down a decade ago for a lack of funding. Now because of poor leadership the union wants tax payers to bail them out.