Glasgow Daily Times, Glasgow, KY

Local News

January 7, 2013

‘Now is the time’ to reform Ky. pension system

FRANKFORT — It’s past time Kentucky confronted its own fiscal cliff represented by more than $33 billion in unfunded liabilities in its pension system, local leaders said Monday.

The message from mayors of Lexington and Louisville, the president of the statewide association of county governments and the director of the Kentucky League of Cities Monday, one day before lawmakers convene the 2013 General Assembly, was that growing pension costs are destroying their budgets and placing the state in fiscal peril.

Lawmakers face recommendations from a legislative task force on the pension system to fully fund the system on an annual basis, end cost of living adjustments, tax retirees’ benefits, and place new hires into a hybrid cash-balance plan which would share investment risks among employees and taxpayers.

The biggest item is to come up with an extra $327 million next year to fully fund the actuarially required contribution or ARC, an amount which would likely grow in the next couple of two-year budgets after that.

For the full story, see the print or e-edition of Tuesday's Glasgow Daily Times.

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