SB 1, the pension bill, has issues according to retirees
By:
James Carroll, President, Kentucky Government Retirees
Editor's Note: While SB 1 didn't pass, the terms were grafted into SB 151 ( a sewer bill) and passed by both Chambers.
...Senate Bill 1 would reduce benefits in areas such as compensatory and sick time. Would those changes reduce long-term liabilities? According to the analysis, the answer is "no." Those changes would have minimal impact. Would a new optional defined contribution plan reduce liabilities? The actuary says "the plan will not decrease the employer cost," but will simply shift the risks to the workers...
