House Democratic leaders says they are looking at legalizing the slots-like game statewide to help generate at least $25 million a year to help fully fund pension obligations. Only two tracks, Ellis Park and Kentucky Downs, currently have the game.
Candidates for Kentucky’s 2nd District State House of Representatives both say they won’t take a pension if elected in November, but they differ on whether or not a pension should be offered to lawmakers. Kentucky’s pension system is one of the worst in the country in terms of unfunded liabilities. Heath has endorsed a pension plan for lawmakers that two GOP candidates have proposed. That plan would change the current full pension for lawmakers to an optional 401K plan for incoming lawmakers.
A new report shows Kentucky has a more than $23 billion shortfall in what should have been set aside to fund pensions for retired state employees. The Pew Center for the States and the Laura and John Arnold Foundation released the report Thursday. The report says the shortfall is more than twice the amount of all revenue generated from state taxes in the Commonwealth last year. Public Pensions Task Force co-chairs, Republican Senator Damon Thayer and Democratic Representative Mike Cherry, say fixing the problem will require hard choices, good information and thoughtful analysis. The T