FRANKFORT, Ky. (WDRB) -- As the old saying goes, “If at first you don't succeed...,” lawmakers are trying again to solve Kentucky’s crushing public pension problem.
This time, after a year of protests in the streets and a smack down in the courts, legislative leaders are trying a different approach. A new Pension Working Group of 14 lawmakers, both Republicans and Democrats, held its first meeting Tuesday.
The group is tasked with finding a way to deal with the more than $40 billion unfunded pension liability.
“To see what the problems are, how we got in this position, and then as we move forward, what are potential solutions,” Senate President Robert Stivers said.
Last year, there were massive teacher protests at the Capitol over a pension bill that Republicans wrote in secret, inserted into an unrelated sewage bill and rushed through without a public hearing.
The state Supreme Court later ruled the bill was unconstitutional because of the way it was passed. Now, after a failed special session hastily called by Gov. Matt Bevin in December, House and Senate leaders are trying to hit reset.
“I think it's incumbent on us to be reaching out to everyone, all parties impacted, and that truly is 4.3 million people in the state of Kentucky,” said Stivers, a Republican from Manchester.
Senate Minority Leader Morgan McGarvey called last year’s process “abysmal.” The Louisville Democrat said Tuesday’s meeting was a good start.
Legislative staff gave lawmakers a detailed report on where the pension systems stand and how they got there.
“The agreement on the solution is going to be the hard part,” McGarvey said. “But at least now we're doing it in the public in a way that we can get all the information out there, and then we can argue about what the best solution is going forward.”
Teachers in their trademark red shirts packed the hearing room. Kentucky Education Association President Stephanie Winkler said she’s optimistic about finding a solution teachers can live with.
“I'm always hopeful. I always want to be a part of the conversation,” Winkler said. “I always want to see facts, and I want to make good decisions that will keep the system viable but also make sense for our state.”
Co-chairman Sen. Wil Schroeder said the working group plans to meet every Tuesday and Thursday at 9:30 a.m. until the General Assembly reconvenes Feb. 5.
There is a Feb. 15 deadline for the group to craft a recommendation for lawmakers to consider. But that deadline can be extended for as long as Dec. 1.
The meetings will be streamed live by KET and archived on its website. The public can email comments and questions to the group at public.pensions@lrc.ky.gov.
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