Kentucky Labor Institute
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    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).
  • Pensions and Trust
    Posted On: Jul 21, 2015

                                Pensions and Trust

                                    Joe Brennan        

    A recent article spoke of  the "inviolable contract" of public servant pensions. It postured  that employee premium payments were causing KRS's current crisis, now numbering billions of dollars for Kentucky in unfunded liabilities. What was never mentioned was the General Assembly's inadequate funding of the pension fund over the past decade. Segments of legislators have chosen to pass this fiscal fiasco on to future generations to resolve. Following the example set by neighboring Illinois, Kentucky now finds itself severely challenged to meet its contractual responsibilities. The Illinois manipulation of its retirement funds not only was declared to be unconstitutional, it has resulted in that State's declining credit status, especially regarding their bond sales. Kentucky teachers anticipating retirement will feel the full brunt of all this continued neglect. Ineligible for Social Security benefits, our teachers will become dependent on family support, and yes, increasingly dependent on State and Federal programs. It is evident that neither education nor teachers are a priority for some of our more conservative legislators. The time has come for our legislature to meet its obligations.    


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