While Democrats and Republicans play pat-a-cake over the pension crisis in Frankfort, Kentucky Government Retirees have released a damning statement:
Amending Senate Bill 2 is putting lipstick on a pig. The House substitute abandons the principle of the inviolable contract by leaving open the possibility of increasing employee contribution rates for existing employees. It also establishes an elaborate and wholly unnecessary set of criteria for permitting cost of living adjustments and packs the Kentucky Retirement Systems board with five special interest appointees.
We call upon the House to vote down SB 2 in any form and concentrate its efforts on addressing the real pension issue – the unfunded liability.
Cofounder, Kentucky Government Retirees