POV | Pension plan holds promise - WDRB 41 Louisville News

POV | Pension plan holds promise

Posted: Updated:

There are many things to like about Governor Matt Bevin's plan to address Kentucky's severe pension crisis.

First, there’s the recognition that this mess can’t be fixed overnight. Bevin acknowledges his proposal will take 30 years to bring things back into balance, but isn't that preferable to some reckless and futile attempt to make everything better overnight that would break Kentucky's economic back?

Also, the plan commits the Commonwealth to keeping virtually all its promises to current retirees who had nothing to do with causing the problem. Our present woeful situation was brought about by legislators who, through the years, hijacked money from what should have gone toward pensions so they could divert it to politically-motivated pork projects. But under this new proposal, full funding of the plan will be legally mandated.

But my favorite element of the new proposal is that it would end the current special "defined benefits plan" exclusively enjoyed by state legislators, and transfer them to the same plan as all other state employees. Requiring lawmakers to have to follow the same rules they make for everyone else is the public's best defense against legislative shenanigans, and it should be the standard practice at all levels of government.

Now, it's up to the legislature to turn the Governor's plan into law. But anyone who votes “no” had better have something even better to offer.

Call us with your thoughts.

I’m Bill Lamb and that's my Point of View.

Copyright 2017 WDRB Media. All rights reserved.

Powered by Frankly
All content © Copyright 2000 - 2017 WDRB. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.