Tagged: kentucky state pensions

Another change in Kentucky’s financial outlook has the state’s business leaders calling on the General Assembly for immediate pension reforms.

Standard and Poor’s has changed Kentucky’s outlook to negative, citing the state's large unfunded pension obligations as the main reason.

Republican leaders in the Louisville Metro Council are headed to Frankfort this week to lobby state lawmakers on pension reform.

The city’s pension cost has more than doubled in the past decade to make up approximately 15 percent of the budget.  In his State of the City address, Mayor Greg Fischer urged residents to call for their legislators to take action in this year’s session to change the system.

Republican Caucus Chairman Ken Fleming, R-7, and Vice-Chairman Jerry Miller, R-19, are scheduled to meet with Republican state Sen. Damon Thayer of Georgetown, who co-chaired a legislative task force on the state pension system.

Miller says rising pension costs are at critical stage and are extremely important for Louisville residents because of the potential impact on city services.

"If you’re in government you have to deal with pension cost because of it’s dramatic increase, which is really crowding out a lot of other things we’d like to do—social services and a variety of other things," he says.

FRANKFORT — Current Kentucky state employees and retirees packed the Capitol Rotunda to encourage lawmakers to rethink some proposals made by a task force on public pensions last year.

Calling themselves the Kentucky Public Pension Coalition, the group of more than a dozen interested organizations encouraged their members to tell lawmakers not to switch to a hybrid pension plan for new hires and to reinstate cost of living adjustments every year.

FRANKFORT—Kentucky legislative leaders say solutions on how to pay for Kentucky’s underfunded pensions won’t likely be addressed in the 2013 legislative session, which began Tuesday.

Both House Speaker Greg Stumbo and Senate President Robert Stivers say there will likely be a bill to introduce changes to the pension systems. But they also agree that such a bill is unlikely to deal how to fund the changes.