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Maybe EKU Will Pull A Kentucky River Move?

February 18th, 2013 · 2 Comments

Looky here:

Eastern Kentucky University will lay off employees as it seeks to reallocate 10 percent of its budget, outgoing President Doug Whitlock announced this week.

Ten percent cuts? That’s roughly Eastern Kentucky University’s pension payments.

EKU spends nearly $20 million per year to help fund the horribly underfunded pension system it’s a part of. Staffers there are in the 27%-funded KERS and faculty are part of the 54%-funded KTRS.

If they leave those systems – like Kentucky River Mental Health – they may not have to cut any jobs. Like Kentucky River, new accounting standards will force them to place monstrous liabilities on their own books.

KRS will sue over a pull-out but who cares, really? The entire system is shot.

Tags: Education · Jobs · Wasted Money

2 responses so far ↓

  • 1 Chris Tobe // Feb 18, 2013 at 3:00 pm

    This is why EKU, WKU, and the other regional universities have shovel ready projects so they can issue bonds before they have to disclose the huge pension liabilities.

  • 2 where'stheleadership // Feb 18, 2013 at 7:01 pm

    Whitlock probably sees the writing on the wall and that is why he is getting out. To bad he doesn’t have the stones to pull out the pension system. None of them do. That’s why they these “shovel-ready” projects.