Swordsmyth
10-19-2017, 05:53 PM
After months of planning and cogitating over how to address the failing public pension systems in their state, which are somewhere between $40 and $80 billion under water, Governor Matt Bevin and the leaders of the General Assembly’s Republican majorities released their plan earlier today and it appears to be nothing more than the same old "kick the can down the road" approach to "pension reform" that has perpetuated the pension ponzi in this country for decades while doing absolutely nothing to address the actual crisis.
Here is a summary of the 'plan' courtesy of the Courier-Journal (http://www.courier-journal.com/story/news/politics/2017/10/18/kentucky-pension-crisis-bevin-reform-plan-doesnt-raise-retirement-ages-avoids-clawbacks/693726001/)...notice that aside from putting new teachers into a "401(k)-style" defined contribution plan, the Republican proposal does pretty much nothing else except demand that more taxpayer dollars be diverted to service failing pension plans.
Here are highlights of the multi-point proposal:
There is no increase in the full retirement age for current workers
There will be no reductions in pension checks for retirees, and it protects health care benefits for them.
Future non-hazardous employees and teachers will be required to enroll in 401(k)-style plans.
Hazardous duty employees, such as police officers and firefighters, will continue in the same system they are in now.
The plan would close a loophole to ensure payment of death benefits to families of hazardous employees.
The plan would stop the defined benefits plans for all legislators, moving them into the same plan as other state employees under the jurisdiction of Kentucky Retirement Systems.
Here's an overview of the 10-point pension plan @GovMattBevin (https://twitter.com/GovMattBevin?ref_src=twsrc%5Etfw) and GOP leaders have developed to try to fix Kentucky's pension crisis. pic.twitter.com/tcXar5yyd7 (https://t.co/tcXar5yyd7)
— Morgan Watkins (@morganwatkins26) October 18, 2017 (https://twitter.com/morganwatkins26/status/920651088210079744?ref_src=twsrc%5Etfw)
Not surprisingly, Governor Bevin, who as a politician is worried not so much about the long-term solvency of his state's pensions as he is about getting through the next election cycle, said the plan "will be a model for this nation" as it "keeps the promise" to public workers and delivers on his promise to "do what is legally and morally right."
More at: http://www.zerohedge.com/news/2017-10-18/kentucky-republicans-cave-pension-reform-stick-it-taxpayers-kick-can-approach-instea
Here is a summary of the 'plan' courtesy of the Courier-Journal (http://www.courier-journal.com/story/news/politics/2017/10/18/kentucky-pension-crisis-bevin-reform-plan-doesnt-raise-retirement-ages-avoids-clawbacks/693726001/)...notice that aside from putting new teachers into a "401(k)-style" defined contribution plan, the Republican proposal does pretty much nothing else except demand that more taxpayer dollars be diverted to service failing pension plans.
Here are highlights of the multi-point proposal:
There is no increase in the full retirement age for current workers
There will be no reductions in pension checks for retirees, and it protects health care benefits for them.
Future non-hazardous employees and teachers will be required to enroll in 401(k)-style plans.
Hazardous duty employees, such as police officers and firefighters, will continue in the same system they are in now.
The plan would close a loophole to ensure payment of death benefits to families of hazardous employees.
The plan would stop the defined benefits plans for all legislators, moving them into the same plan as other state employees under the jurisdiction of Kentucky Retirement Systems.
Here's an overview of the 10-point pension plan @GovMattBevin (https://twitter.com/GovMattBevin?ref_src=twsrc%5Etfw) and GOP leaders have developed to try to fix Kentucky's pension crisis. pic.twitter.com/tcXar5yyd7 (https://t.co/tcXar5yyd7)
— Morgan Watkins (@morganwatkins26) October 18, 2017 (https://twitter.com/morganwatkins26/status/920651088210079744?ref_src=twsrc%5Etfw)
Not surprisingly, Governor Bevin, who as a politician is worried not so much about the long-term solvency of his state's pensions as he is about getting through the next election cycle, said the plan "will be a model for this nation" as it "keeps the promise" to public workers and delivers on his promise to "do what is legally and morally right."
More at: http://www.zerohedge.com/news/2017-10-18/kentucky-republicans-cave-pension-reform-stick-it-taxpayers-kick-can-approach-instea