Ky. Lawmakers Looking For Pension Fix In Special Session
Ky. Lawmakers Looking For Pension Fix In Special Session Save Email Print
Posted: 7:08 PM Jun 22, 2008
Last Updated: 2:46 AM Jun 23, 2008
Reporter: Peter O'Connor
Email Address: peter.oconnor@wymtnews.com

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State legislators are going into a special session Monday with one thing in mind, fixing the state's pension program. Most lawmakers say something needs to be done and soon or else the pension program will eventual collapse.

Some Kentucky lawmakers say the special session is long overdue.

"I personally think it should have already been done when we were in session, but the fact that we have come back to the table and we are going to get it resolved lets people out there working for the state know that we are going to do something about it and that is security for them," said Sen. Brandon Smith.

Smith says any state pension reform would not affect teachers, retired state employees, and any other workers already locked into a contractual retirement. Lawmakers say new workers will be mostly affected by any changes made from Frankfort.

"People hired in the future, not current employees, not people that are already retired future hires. The length of service requirements are going to be somewhat longer," said Sen. Ray Jones.

Jones says future employees could also be required to pay one percent more of what they make towards health insurance. Jones says the decisions made will be tough, but that is what is needed for the pension plan to stabilize.

"If we don't start now and we keep prolonging the painful decisions that are going to have to be made, it will be a very, very dire situation," Jones said.

"Hard numbers that we know is about 32% of the people we got out there in those jobs is going to retire," Smith said.

Considering the state's pension crisis, people we talked to say they hope something gets done soon.

"I think it has to be bipartisan. We certainly can't do it if you only have one side working at it. It is going to take everybody working together," said Howard Owens.

Lawmakers say they're hopeful they can work together and they say they're optimistic as they head to Frankfort.

When lawmakers head back to Frankfort Monday, it will be costing you the taxpayer about $60,000 per day.

The special session is expected to last about five days.

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Posted by: Bub Location: Elkhorn City on Jun 23, 2008 at 03:23 PM
I have always heard Ky had one of the best retirement systems. Then I heard lawmakers and govenors started messing with it and screwed it up. Hey people get out and vote. Look who is trying to fix the problems. The ones that started the problem.

Posted by: DC Location: Hazard on Jun 23, 2008 at 09:05 AM
Dear Mrs. Smith, Jones and others. First, the pension plan has ALREADY been altered for those that are already retired, because the rate of increase has been capped at 1.5%. Did you make your statement out of ignoranxce, or are you "fiddling" with the truth? The contract between retirees and the state is a COVENANT... that is a PROMISE. I fully understant that the agreement(s) between new hires will be different (as it should be), but do not break the promises that have been made with those already retired. Govenor Beshear, you DO kinow what the word "promise" means, don't you? I have always fulfilled my obligations...now, you guys do the same.

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