Kentucky Labor Institute
  • << August 2017 >>
    S M T W T F S
    1 2 3 4 5
    6 7 8 9 10 11 12
    13 14 15 16 17 18 19
    20 21 22 23 24 25 26
    27 28 29 30 31
      UnionActive Newswire  
     
    Join the Newswire!
    Updated: Aug. 21 (12:03)

    Swissport Membership Meeting Notice for August 23 2017
    Teamsters local 419
    NVP Glover speaks on the Union Edge Radio station
    AFGE 3rd District
    UPS Rising Application & Website Launch
    Teamsters Local 71
    Workers Take Their Voice Back from Politicians in Missouri
    Brotherhood of Railroad Signalmen
    Faith Alliance Breakfast: August 24th
    Greater Kansas City AFL-CIO
    2017-2021 JCBE-JCAESP AGREEMENT
    Jefferson County Association of Educational Support Personnel
     
         
    Important Links
    KY AFL-CIO Web Site
    Louisville Central Labor Council
    Louisville Central Labor Council
    Action Center
    Register of the Kentucky Historical Society
    Did you know...that the Register of the Kentucky Historical Society, first printed in 1903, is the oldest peer-reviewed publication dedicated to Kentucky history?Subscribe to the Register (only $40 per year).
    Action Center
    Register of the Kentucky Historical Society
    Did you know...that the Register of the Kentucky Historical Society, first printed in 1903, is the oldest peer-reviewed publication dedicated to Kentucky history?Subscribe to the Register (only $40 per year).
  • Public Pensions, Illinois versus Kentucky: A Race to Fiscal Chaos
    Updated On: Jul 06, 2015

    Public Pensions, Illinois versus Kentucky: A Race to Fiscal Chaos

                                        A Commentary by Joe Brennan

             I was recently struck by a article appearing in an electronic news release in the New York Times:"Pensions Fix Struck Down, Illinois Again Faces Budget Crisis", by Monica Davey. This might not apply to Kentucky's pension system, we don't even have a " legislative "fix" that could be challenged in our state Supreme Court. The article is however, fit for Kentucky reading and reflection. The Illinois Supreme Court unanimously rejected their state's legislative approach to " the fix" created a year and a half ago.

             The Times article noted that the pension overhaul violated the Illinois Constitution because benefits promised, "shall not be diminished or impaired". Apparently, the Illinois public pension fund has been underfunded by one hundred billion dollars. The 2013 "fix" was supposed to have saved the state one hundred and sixty billion dollars over thirty years all paid for through the state's pension fund. Justice LLoyd A. Karnier wrote in his opinion that, "It is a crisis for which the General Assembly itself is largely responsible".

             Kentucky's pension system is not as severe as Illinois, we are 49 th. We are not "Bonded" to fix our pension system, but let's correct it.  Despite unsuccessful attempts to address our underfunded system, the day may shortly come to confront our existing financial crisis. Does KY's Constitution present the same laws to fulfill its obligations to its public servants? Will it take a KY Supreme Court decision to obligate the General Assembly to "fix" our system? When will our crisis be confronted?        


  • Kentucky Labor Institute

    Copyright © 2017.
    All Rights Reserved.

    Powered By UnionActive


  • Top of Page image