Why can’t Kentucky have nice things?
Why, Kentucky Retirement Systems, of course:
Even moving an extra $300 million a year into Kentucky’s public employee retirement fund and tweaking benefits for future hires might not be enough to stave off financial disaster, said Chris Tobe, a former Kentucky Retirement System board member.
Tobe, now a Louisville-based pension consultant, said the fund for the Kentucky Employee Retirement System might have been so irreparably harmed by years of underfunding, overestimation of investment income and increasing benefits that it’s no longer a matter of if the fund will go bust — but when.
Tobe offered his analysis of the recommendations made last week by a legislative task force.
His main criticism was that none of the recommendations called for more transparency in the Kentucky Retirement System so citizens and watchdogs can no how much individual pensioners are receiving — the way public employee salaries are made available — and to know which quasi-governmental agencies are included in the pension system.
You may also want to check out Salman Khan on pensions:
That’s why Kentucky can’t have nice things.