March 30, 20188 yr I get that isn't exactly the teachers fault but it also isn't the tax payers fault. It wasn't GM or Ford employees fault the pensions ended. It isn't what teachers want to hear but the fact is moving forward defined Benefit plans as currently written aren't sustainable. There needs to be a concession on the states part for those close to retirement I can agree. But those early in their career need to be moved off pensions and into defined contribution plans. This is how all pensions were shutdown in the private sector. Kentucky should not hire another teacher into the current system. If the state had made their contractually obligated contributions for the past 15 years, instead of robbing the system to put money elsewhere, it wouldn't be underfunded. In that regard, it is the state's fault and thus the state's (taxpayers) responsibility.
March 30, 20188 yr If the state had made their contractually obligated contributions for the past 15 years, instead of robbing the system to put money elsewhere, it wouldn't be underfunded. In that regard, it is the state's fault and thus the state's (taxpayers) responsibility. My understanding is that a federal law was created some time back that allowed state governments to do what the Kentucky State government has done. Do you know when that law was put in place?
March 30, 20188 yr Is there a link to the actual analysis and calculation on these projections ?Maybe here, but I haven't read it... Sorry wrong link, try this... http://www.lrc.ky.gov/recorddocuments/note/18RS/SB151/HCS1AA.pdf
March 30, 20188 yr If the state had made their contractually obligated contributions for the past 15 years, instead of robbing the system to put money elsewhere, it wouldn't be underfunded. In that regard, it is the state's fault and thus the state's (taxpayers) responsibility. It is not the tax payers liability. It is the liability of the corrupt leaders. The people have every right to redo its agreement with teachers pension because of mistakes of past leadership. Let me ask you this how is it sustainable if someone retires at lets say 57 and average life expectancy falls somewhere in the mid to late 80s now. So I work 30 years and collect a pension for 30 years. There is reason why the most profitable companies in the world do not offer them any more. It is a huge liability on the books.
March 30, 20188 yr My understanding is that a federal law was created some time back that allowed state governments to do what the Kentucky State government has done. Do you know when that law was put in place? Which again is the government holding itself to less restrictions than the private sector. Which is where the anger should be directed.
March 30, 20188 yr It is not the tax payers liability. It is the liability of the corrupt leaders. It's the responsibility of corrupt leaders, but tax payers vote for these people & also fund state government. So yes, the onus does fall on us, as much as I hate that.
March 30, 20188 yr Is there a link to the actual analysis and calculation on these projections ? Kentucky Pension Crisis: Surprise bill costs $5 billion more | Lexington Herald Leader
March 30, 20188 yr Kentucky Pension Crisis: Surprise bill costs $5 billion more | Lexington Herald Leader As I read it , it also spreads the liability out giving short term relief on budgets. No different than refinancing your house.
March 30, 20188 yr It's the responsibility of corrupt leaders, but tax payers vote for these people & also fund state government. So yes, the onus does fall on us, as much as I hate that. Like I said state has and should make concessions. But teachers need to as well. Even more so newly employed ones.
March 30, 20188 yr As I read it , it also spreads the liability out giving short term relief on budgets. No different than refinancing your house. Of course, but the rhetoric behind this mess is we are not kicking the the can down the road.
March 30, 20188 yr Of course, but the rhetoric behind this mess is we are not kicking the the can down the road. I mean they aren't kicking kicking the can down the road if it is relieving current budget constraints.
March 30, 20188 yr Like I said state has and should make concessions. But teachers need to as well. Even more so newly employed ones. really? What are those?
March 30, 20188 yr really? What are those? I'm fine with keeping those who have substantial years or close to retirement on course with current plan. But those with substantial time left until retirement put a lump sum in a defined contribution and move those teachers in a different direction.
March 30, 20188 yr really? What are those? I know the original proposal called for just over 6% spending cuts across the board in state government, while also fully funding the state's pension obligation. That seemed like a good start to me. From there, though, the wheels have fallen off.
March 30, 20188 yr I'm fine with keeping those who have substantial years or close to retirement on course with current plan. But those with substantial time left until retirement put a lump sum in a defined contribution and move those teachers in a different direction. How is that a concession by the state? That’s a concession by teachers. What are the state’s concessions?
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