Public employees and retirees have joined together to form the Kentucky Public Pension Coalition. The purpose of the Coalition is to defend and preserve retirement security for the workers and retirees of the Commonwealth, its city and county governments, and schools systems across Kentucky.
The Coalition represents the interests of more than 350,000 Kentuckians who have worked hard serving the Commonwealth and expect to be involved in any conversations regarding their retirement security.
Kentucky Pension Facts
- Kentucky sponsors 3 major retirement systems that provide benefits for hundreds of thousands of retirees. You can learn more about the performance of these plans in the Commonwealth of Kentucky’s 2017 report ‘Pension Performance and Best Practices Analysis‘.
- The average pension benefit in Kentucky is $1,983 a month, or $23,791 per year, according to the National Institute on Retirement Security.
- Pensions support local economies and help Kentucky communities thrive. Each $1 paid out in pension benefits supports $1.43 in total economic activity in Kentucky.
Governor Bevin Releases Draft of Pension Reform Legislation
- Changes proposed in Governor Bevin’s legislation result in “benefit levels lower than currently provided and lower than proposed in the August 28 PFM report” as well as “inadequate benefits for future workers” in many cases.
- Actuarial review of changes to the public teachers’ retirement system in Governor Bevin’s proposed pension legislation found that it would cost taxpayers an extra $4.4 billion over the next 20 years.
Pension Trustee Advisors Finds PFM Analysis Too Optimistic: “Solution” Will Cost More for Worse Benefits
A review of PFM’s August report on proposed changes to Kentucky’s retirement conducted by the Pension Trustee Advisors (PTA) finds that the proposals will cost more to Kentucky’s taxpayers and its employees while providing lower benefits. Find a summary of the report here.
A report authored by the Kentucky Center for Economic Policy (KCEP) and the Keystone Research Center of Pennsylvania shows how switching to a 401k-type retirement plan will not help Kentucky’s pension funding challenge but make it harder to pay down liabilities while harming the workforce and economy.
The report finds that a switch to a defined contribution plan will fail to save money compared to the inexpensive existing plan while introducing new costs. Such a switch would undermine the state’s ability to attract a skilled workforce and would weaken local economies.
In the fight to protect pensions, our best resource is you.
What does your pension mean to you? Why did you choose public service for your career?
Your story is important so our elected officials know the real, human cost to gutting retirement benefits.