Kentucky pension system http://wkms.org en Fitch Names KRS Pension Worst-Funded in Nation http://wkms.org/post/fitch-names-krs-pension-worst-funded-nation <p>Global credit agency Fitch Ratings has named one of Kentucky’s pensions the worst in the nation. The non-hazardous pension under the Kentucky Employee Retirement System has about a quarter of the money it would need to pay out what will be owed to pensioners.&nbsp;</p><p> Tue, 20 May 2014 11:36:38 +0000 Jonathan Meador 40680 at http://wkms.org Fitch Names KRS Pension Worst-Funded in Nation Marshall County Candidate for Retirement System Trustee Wants to Ensure Efficient Management http://wkms.org/post/marshall-county-candidate-retirement-system-trustee-wants-ensure-efficient-management <p></p><p>A Kentucky Transportation Cabinet retiree from Marshall County is on the ballot for the state pension system’s Board of Trustees.</p><p>Peter Wolff says he’s concerned about the Kentucky Employees Retirement System. Tue, 28 Jan 2014 21:27:46 +0000 Whitney Jones 38335 at http://wkms.org Marshall County Candidate for Retirement System Trustee Wants to Ensure Efficient Management Kentucky Legislative Leaders Reach Deal on Pensions; Vote Expected Today http://wkms.org/post/kentucky-legislative-leaders-reach-deal-pensions-vote-expected-today <p></p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">Kentucky legislative leaders have reached agreement on a plan aimed at shoring up the state's underfunded pension systems, staving off the need for a special session of the General Assembly.</p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">The new plan would reduce a personal tax credit of $20 to $10, generating roughly 33 million in revenue that would go to General Fund, but lawmakers would use for pensions. It would also use revenue from technical changes in the state's tax code, as well as money from federal tax changes.</p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">Overall, the plan would generate $96 million in the 2015 fiscal year and $100 million in 2016 fiscal year. Tue, 26 Mar 2013 20:23:58 +0000 Whitney Jones 29784 at http://wkms.org Kentucky Legislative Leaders Reach Deal on Pensions; Vote Expected Today Pension Fixes in Limbo As Leaders Argue Over Approaches http://wkms.org/post/pension-fixes-limbo-leaders-argue-over-approaches <p></p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">A House bill aiming to help generate revenues for the underfunded pension system is in legal limbo as the Senate refused to accept the bill.</p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">House Bill 416 takes revenues from expansion of Instant Racing and online lottery sales and the start of a Keno game to generate close to $100 million a year to pay into state's currently underfunded pensions for state employees.</p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">Revenue bills in odd-year sessions must have 60 House votes in final passage to be considered within the rules; House Bill 416 only received&nbsp;<a href="http://wfpl.org/term/kentucky-state-pensions" style="margin:0px;padding:0px;border:0px;vertical-align:baseline;color:rgb(12,76,162);text-decoration:none" target="_blank">52 on the floor</a>. Because of that, the Senate clerk refused to accept the bill.</p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">But House Speaker Greg Stumbo says the Senate should amend the bill and send it back to the House for final passage if it wants to avoid a special session. Fri, 01 Mar 2013 14:05:41 +0000 Kenny Colston (KPR) 28732 at http://wkms.org Pension Fixes in Limbo As Leaders Argue Over Approaches Senate Passes Bill To Shut Down Legislative Pension System http://wkms.org/post/senate-passes-bill-shut-down-legislative-pension-system <p></p><p>Legislative pension reform is progressing through the Kentucky General Assembly. Senate Bill 7 would&nbsp;keep&nbsp;new legislators from participating in the Kentucky Employees Retirement System. It is aimed at preventing the addition of new burdens to Kentucky's pension system, despite the fact that legislator's pensions are generally well-funded.</p><p>Senate President Robert Stivers&nbsp;praised&nbsp;the bipartisan effort&nbsp;in&nbsp;his chamber&nbsp;to solve Kentucky's underfunded pension problem. Thu, 28 Feb 2013 13:25:17 +0000 Rae Hodge 28669 at http://wkms.org Senate Passes Bill To Shut Down Legislative Pension System House Passes Two Pension Bills But Controversy Over Vote Looms http://wkms.org/post/house-passes-two-pension-bills-controversy-over-vote-looms <p></p><p>The House has narrowly passed two bills dealing with the state's underfunded pension system, but not without controversy.</p><p>The House passed an amended&nbsp; version of Senate Bill 2, which keeps the pension systems as a defined benefit and creates a new oversight panel for Kentucky's many pension plans. It passed on party lines 55-45, with Democrats favoring.</p><p>It also passed House Bill 416, which takes revenues from the<a href="http://wfpl.org/post/house-leaders-considering-instant-racing-legalization-help-pay-pensions" target="_blank">&nbsp;potential expansion and legalization of Instant Racing,</a>&nbsp;from online lottery sales and a new Keno game.</p><p>That bill passed with 52 votes, but many Republican members argued that the action was illegal, since revenue bills take a House supermajority of 60 votes to pass in odd-year session. Thu, 28 Feb 2013 11:50:31 +0000 Kenny Colston (KPR) 28663 at http://wkms.org House Passes Two Pension Bills But Controversy Over Vote Looms House Committee Passes Revenue Bill for Pensions http://wkms.org/post/house-committee-passes-revenue-bill-pensions <p></p><p>The House budget committee has passed a bill that would help shore up the state's underfunded pension system. House Bill 416 would take revenues from expanding Kentucky lottery sales and online games, as well as from Instant Racing if the state Supreme Court upholds the legality of the game.</p><p>House Speaker Greg Stumbo says the bill would generate at least $100 million a year to be put into a trust fund for pensions.&nbsp; And he says using money from lottery sales won't hurt scholarship funds tied to lottery profits.</p><p><em>"Those are left harmless, they'll still be funded. And they'll be allowed 2 percent growth in this proposal so they'll still continue to grow," Stumbo said.</em> Wed, 27 Feb 2013 11:50:03 +0000 Kenny Colston (KPR) 28599 at http://wkms.org House Committee Passes Revenue Bill for Pensions House Committees Makes Major Changes to Pension Reform Bill http://wkms.org/post/house-committees-makes-major-changes-pension-reform-bill <p></p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">The state pension system would not transition to a hybrid 401K-style&nbsp;plan in an amended version of the pension reform bill. Tue, 26 Feb 2013 21:39:37 +0000 Kenny Colston (KPR) 28580 at http://wkms.org House Committees Makes Major Changes to Pension Reform Bill New Kentucky Senators Want Pension Opt-Out http://wkms.org/post/new-kentucky-senators-want-pension-opt-out <p></p><p>Some new state legislators were elected after promising to refuse a state pension, but now find the law does not allow them to opt out. However, State Rep. Diane St. Onge has introduced a bill that would allow them to make good on their promise. The Madisonville Messenger reports that the measure would allow any lawmaker to opt out of the state pension system and would prevent any new legislator elected after July 1 from entering it. Incumbents would not have to drop the pension plan under the legislation. Tue, 19 Feb 2013 14:20:18 +0000 Whitney Jones & The Madisonville Messenger 28220 at http://wkms.org New Kentucky Senators Want Pension Opt-Out House Leaders Considering Instant Racing Legalization to Help Pay for Pensions http://wkms.org/post/house-leaders-considering-instant-racing-legalization-help-pay-pensions <p></p><p style="margin:0px 0px 15px;padding:0px;border:0px;font-size:15px;vertical-align:baseline;color:rgb(51,51,51);font-family:Georgia,Times,serif;line-height:22px">Kentucky House leaders are considering legalizing Instant Racing across Kentucky to help plug the funding gap in the state's pensions. Fri, 15 Feb 2013 18:14:06 +0000 Kenny Colston 28123 at http://wkms.org House Leaders Considering Instant Racing Legalization to Help Pay for Pensions