Kentucky Gov. Launches Pension Reform Website

In his quest for state pension reform, Gov. Bevin just made it easier to keep the public informed on retirement plan updates.

Kentucky’s Office of the State Budget Director on Friday introduced KentuckyPensions.com, a website designed to provide residents information about pensions. People will find answers to frequently asked questions, view reports and a glossary of key terms, follow the latest developments, and offer feedback.

“We hope that retirees, current state employees, and all Kentuckians will find this website to be a helpful, easy-to-navigate tool,” State Budget Director John Chilton said in a statement. “As we address this vital and complex issue, we want to educate the public, dispel myths, and set the stage for constructive dialogue. We will continue to update the website as things progress.”

In the fall, Gov. Matt Bevin will meet in a special session of the General Assembly to discuss Kentucky’s $64 billion unfunded pension liability—a deficit that averages out to $15,000 per Kentuckian. The state has been credited by the S&P credit rating agency as the most underfunded in the US, with only 37.4% of its total current obligations funded. The national median is 74.6%.

On the site, Bevin’s statement reads: “We have a legal and a moral obligation to those of you that are retired to fulfill the promises that have been made to you.”

 

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