Some Kentucky business leaders want 401(k)-style pension plans for public workers
They also say the only way to fix Kentucky's pension system is to change the structure of it, rather than adding more funding.
LOUISVILLE, Ky. (WDRB) -- A group of Kentucky business leaders wants a taxpayer-friendly pension plan.
The group sent a letter urging lawmakers to move future public workers into 401-K style plans. The group says, "under the existing system, Kentucky taxpayers and businesses are forced to shoulder the entire burden of risk."
Group members also say the only way to fix Kentucky's pension system is to change the structure of it, in addition to adding more funding.
"Unless we make sure that the pension plan can continue and fund retirement, there won't be funds available in the future for people retiring," said Ed Glasscock, a Louisville attorney. "So you have to balance the interest."
Louisville FOP president Nicolai Jilek disagrees with changing the pension style. He says the benefits are payment for a job where death is on the line every day.
The gentleman says, “Ky’s taxpayers & businesses are forced to shoulder the entire burden of risk.” With all due respect sir, these benefits are payment for a job where we shoulder the risk of DEATH everyday for just showing up for work. What is that worth to you? @KYGOP https://t.co/Xhn3dSdHc2— Nicolai Jilek (@jilekFOP) February 11, 2018
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