Our View: Pension plan fix needed now
With the 60-day work session now nearly half over, the clock is ticking for the Kentucky General Assembly to finally create a plan that fixes the failing state pension program.
It’s an issue that seems to be dragging on forever. Although many Kentuckians are tired of hearing about it, the lack of resolution continues to keep our state stuck in limbo. This remains the most critical issue facing lawmakers and a critical part of getting a two-year budget in place.
No one really disputes the problem. It has been well established by now that Kentucky’s pension systems have an unfunded liability of more than $40 billion.
Finding a solution has been far more elusive.
Gov. Matt Bevin’s proposed plan from late last year has widely been criticized by pretty much everyone. Lawmakers have said their version will be much different but have released very few actual details.
Complicating matters is a legal battle over whether or not some financial documents tied to Bevin’s plan and a strong push from business leaders to get this resolved.
It is time to get this done.
We’ve heard about it, talked about it and maybe even dreamed about it. Now, we must see it.
All Kentuckians will be impacted by these decisions for years to come and deserve for this to be resolved without the taxpayers footing the whole bill.
The state also has an obligation to honor the promises made to former and current employers.
How well legislators can walk this tightrope will determine the state’s future.