Teachers' Bloated Pensions
Dear Friend of America's Survival,
Kentucky Governor Matt Bevin is apparently losing the race because he stood up for taxpayers. The state has a $64+Billion Unfunded Pension Liability. Bevin tried to fix it.
In a story which actually played down the serious nature of the problem before the election, Bloomberg noted:
The tight race between Mr. Bevin and Democratic Attorney General Andy Beshear could have big implications in a state with one of the worst-funded public employee retirement systems in the U.S. Kentucky's efforts to rein in a $45 billion pension burden have been complicated by constitutional limits on cuts to benefits and lawmakers' resistance to raising taxes — tensions that are playing out in statehouses across the country.
The story added:
State officials in Kentucky underfunded the pension system for years, leaving a plan for non-hazardous duty employees just 13% funded in 2018, according to its financial report...if [Democratic candidate] Mr. Beshear wins, the GOP would still control the Legislature, setting up even more tense fights over pensions.
Bevin tried to fix the pension problem. Bevin unveiled "Keeping the Promise," described as "a comprehensive plan to save Kentucky’s ailing public pension system." It says:
"Kentucky's pension spending has been increasing nearly five times as fast as revenues – growing 56% in FY2017 alone. This effectively reduces money available for other important budgetary priorities. (For example, K-12 education, Medicaid, etc. and public services.)"
Kentucky is said to have the worst aggregate pension underfunding among the 50 states.
For America's Survival,
Cliff Kincaidfunding among the 50 states
tucky reportedly has the "WORST aggregate pension underfunding among the 50 states."
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