Welcome to the latest edition of This Week in Pensions! As we do most weeks, we have gathered the best stories about pensions and retirement security from the previous week. This is the news you need to know in the fight for a secure retirement.
Here are this week’s top stories:
- Kentucky legislators hit the reset button on pension reform by Tom Loftus: this week was the first meeting of the Public Pension Working Group in the Kentucky legislature. The state’s legislative leaders seem to be taking a fresh start to the issue of how to improve funding for Kentucky’s public pension systems. They began this week with an overview of all of the pension plans and their current funded status. Stephanie Winkler, president of the Kentucky Education Association, said after Tuesday’s meeting, “I’m hopeful that a discussion starting from scratch will help to bring about all the facts about all eight pension systems individually. Then, as a collective state pension issue, we can figure out a way to solve these financial difficulties and move our public education system forward.”
- How should Phoenix pay off $4B in pension debt? Voters may get a say by Jessica Boehm: a Phoenix City Council member who is an opponent of public pensions is pushing a controversial ballot measure. If approved by voters, the measure would severely restrict city spending until the city’s pension debt is paid off. While this might sound fiscally responsible at first glance, in reality, it places unnecessary restrictions on city spending while promoting a “sky-is-falling” mentality about public pensions. Phoenix voters have rejected anti-pension ballot measures before. Let’s hope they do so again.
- Gov offers to pay off state’s pension liability to teachers by Scott Miley: Indiana Governor Eric Holcomb offered a proposal in his State of the State address to use surplus government funds to pay off the unfunded liability in the state’s teacher pension plan. While teachers, public pension supporters, and their allies will need to watch this proposal as it moves through the state legislature, it is a fiscally responsible proposal by Gov. Holcomb for the state to meet its obligations.
Be sure to check back next week for the latest news in the fight for a secure retirement!