KEY VOTE ALERT: HB 117 - Pension Unreform
The Kentucky Club for Growth urges all Representatives to vote "NO" on HB 117, which delays the responsible deadlines set forth in ES08 HB 1. This key vote will be part of our 2009 Congressional Scorecard.
ES08 HB 1 was a small step forward in dealing with the overwhelming pension liability facing the state. Of the main reforms, one was a commitment to responsible funding of pension plans. What was a small step forward in the first place is now slowly unraveling.
Instead of addressing the future liability by creating a new plan for future employees that would more greatly resemble retirement benefits in the private sector, the General Assembly chose to require adequate payments to support the plan as it is. HB 143, just passed, borrows significant sums from the retirement system. Now HB 117 would delay payments into the system. How much will the next bill take from the system?
