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"There is no such thing as an insurmountable obstacle," said Gov. Bevin. "We, as a Commonwealth, have a moral and legal obligation to fulfill the promises that have been made to our public employees. This is not just about fixing our present underfunding problem. It is also about ensuring that we leave a better, financially stable Kentucky to our children.
$64+Billion
Unfunded Pension Liability
per consultants
$6+Billion
Unfunded Health Care Liability
$15,000
Liability for each Kentuckian
$7Billion
Negative cash flow from FY 2006 through FY 2016
A raid on the Public Employee Health Insurance Fund Takes $310 million from this fund to be used to support state spending elsewhere The House had proposed taking $480 million, an amount that some warned was far too much and would result in much higher insurance premiums for teachers and public employees.
Tenured professors still could face ax The bill retains language that would let university administrators cut tenured professors if the action is part of a program elimination.
originally posted by: toysforadults
I've been telling everyone that the pensions are getting cut. Trade unions, public pensions all going by by. They were scams to begin with. This is part of the reason why I'm not buying into the Carpenter's Unions promise of pensions in 25 years when I would want to be retiring. Give me the money, put it in my pocket and I'll buy physical assets that produce a value and physical gold.
Ky.gov
"There is no such thing as an insurmountable obstacle," said Gov. Bevin. "We, as a Commonwealth, have a moral and legal obligation to fulfill the promises that have been made to our public employees. This is not just about fixing our present underfunding problem. It is also about ensuring that we leave a better, financially stable Kentucky to our children.
$64+Billion
Unfunded Pension Liability
per consultants
$6+Billion
Unfunded Health Care Liability
$15,000
Liability for each Kentuckian
$7Billion
Negative cash flow from FY 2006 through FY 2016
These are some high numbers.
Source
Key points..
A raid on the Public Employee Health Insurance Fund Takes $310 million from this fund to be used to support state spending elsewhere The House had proposed taking $480 million, an amount that some warned was far too much and would result in much higher insurance premiums for teachers and public employees.
Tenured professors still could face ax The bill retains language that would let university administrators cut tenured professors if the action is part of a program elimination.
I'm not worried though. Everything is fine don't worry, keep buying houses in California for 780k 2 bedroom condo's.
originally posted by: Metallicus
Pensions were never sustainable and are antiquated. They need to convert the programs to 401k accounts. At this point just rip off the band-aid.
Bevin has some serious balls actually dealing with this problem.
The fact that people can pay into a pension for their entire career, only for deceptive and greedy governments to yank it before they can even receive it is appalling and criminal.
not sure what you're talking about but the tax payers are funding these pension scams that's what they are they could just put the money in your pocket and you could invest yourself but god forbid you have to actually do something with your own money
originally posted by: toysforadults
a reply to: ZombieZygote
The fact that people can pay into a pension for their entire career, only for deceptive and greedy governments to yank it before they can even receive it is appalling and criminal.
why are 18 year old students alleged to be responsible enough to know that they are getting sold a false bill of goods but you're not responsible enough to do the math on your pension to know it's not going to work?
who gives up their power ($$) to the state so they don't have to actively invest themselves? why?
I would much rather you put that money in my pocket and let me determine my own future
www.pionline.com...
Mr. Penn raised about $120 million starting in 2010 from investors including the $15 billion Kentucky Retirement Systems, Frankfort, and transferred assets to a shell company the two men controlled called Ssecurion, under the premise the money was payment to Mr. Ewers for due diligence services, prosecutors said.