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Old 10-31-2017, 05:37 PM
 
5,801 posts, read 9,449,444 times
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First, wanted to find out what everyone thinks about the 30 billion dollar shortfall in the pension system for the state? Since I am new here I am wondering how this can be fixed without our taxes being raised significantly.

Moderator cut: Separated thread due to two distinct, unrelated topics: //www.city-data.com/forum/kentu...wards-nky.html

Last edited by Oldhag1; 11-02-2017 at 05:01 AM..
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Old 10-31-2017, 10:01 PM
 
Location: In the Pearl of the Purchase, Ky
8,194 posts, read 13,688,653 times
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I can add an opinion on the pension system. I'm retired from the state after 26 years. You get full retirement after 27 but I could buy a year from my little deferred comp I had saved up. After 20 years, you automatically have hospitalization insurance for life. I keep reading that all of us already retired have nothing to worry about. But we do! One suggestion is to make us start paying part of our insurance. If the state, in all these years, had kept up with their obligations to the retirement system there wouldn't be a problem. But a lot of the payments to be made were rerouted to other "obligations". I'm glad I'm already retired instead of still working and not knowing if I'm going to have a retirement
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Old 10-31-2017, 11:08 PM
 
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The Retirement thing with the state is a Mess. I hope they can work something out.
I don't want to pay higher taxes but I do think they deserve their retirement. I don't think they will raise taxes right now. The Governor has said that he wants to do away with state
taxes altogether...whether he will be able to get this done or not, remains to be seen.

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Old 11-01-2017, 05:29 AM
 
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Thanks for the feedback kygman. I did recently hear that the Gov. wants to have the State employees pay 3 percent of their income towards funding of the Pension system. Will see if that plays out.

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Last edited by Oldhag1; 11-02-2017 at 05:01 AM..
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Old 11-01-2017, 11:41 AM
 
Location: Denver, CO
26,322 posts, read 11,667,976 times
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Kentucky is not alone. Many states, and municipalities are even in worse shape with regards to public pensions. It is a huge problem. It is easier for politicians to kick the can down the road, and give into union demands than have work stoppages, etc.
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Old 11-01-2017, 03:15 PM
 
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and to think that CA get a lot of brickbats for its debts. who knew that red states are also wallowing in debts?
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Old 11-01-2017, 05:43 PM
 
Location: the heart is!
4,656 posts, read 4,106,415 times
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Quote:
Originally Posted by Pilot1 View Post
Kentucky is not alone. Many states, and municipalities are even in worse shape with regards to public pensions. It is a huge problem. It is easier for politicians to kick the can down the road, and give into union demands than have work stoppages, etc.
There is no consolation other than the truth that there are truly more states and municipalities in worse shape. Two and three tier pension plans are now the norm...across the board, more like pyramid schemes.

My Two Big Bets on the Pension Crisis
by Nick Giambruno, Senior Editor

Public pensions are a financial time bomb… and I see two ways to profit from the explosion.
In the US, unfunded public pension liabilities have surpassed*$5 trillion. And that’s*during*an epic stock and bond market bubble.

My Two Big Bets on the Pension Crisis | International Man
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Old 11-01-2017, 06:02 PM
 
5,801 posts, read 9,449,444 times
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Quote:
Originally Posted by HomeIsWhere... View Post
There is no consolation other than the truth that there are truly more states and municipalities in worse shape. Two and three tier pension plans are now the norm...across the board, more like pyramid schemes.

My Two Big Bets on the Pension Crisis
by Nick Giambruno, Senior Editor

Public pensions are a financial time bomb… and I see two ways to profit from the explosion.
In the US, unfunded public pension liabilities have surpassed*$5 trillion. And that’s*during*an epic stock and bond market bubble.

My Two Big Bets on the Pension Crisis | International Man
The reason I was interested is that several states such as Illinois, Connecticut and California are in bad fiscal shape. Hoping that KY will not end up in the same boat. 30 billion is a lot of money for a state like KY which is not heavily populated.
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Old 11-01-2017, 06:55 PM
 
Location: the heart is!
4,656 posts, read 4,106,415 times
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Quote:
Originally Posted by WILWRadio View Post
The reason I was interested is that several states such as Illinois, Connecticut and California are in bad fiscal shape. Hoping that KY will not end up in the same boat. 30 billion is a lot of money for a state like KY which is not heavily populated.
You're right to be interested as well as concerned on both counts. Illinois has been 'kicking the can down the road' for many years now and the taxpayers simply cannot endure increasing taxes on everything from property taxes, new taxes (the recent soda tax) and whatever else those in power may enact.

Also, I want to apologize if it appears I am hijacking the thread as that is not my intention whatsoever. But as has been pointed out already the pension crisis is a nationwide dilemma.

Monday, October 06, 2014
836 DuPage County Teacher Pensions in the top 6.6% National Income Level

“Although ill-conceived from the beginning, government pensions were never supposed to make multi-millionaires out of retired ‘civil-servants’.”

836 DuPage County Teacher Pensions in the top 6.6% National Income Level - Illinois Review
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Old 11-05-2017, 05:37 AM
 
Location: Kennedy Heights, Ohio. USA
2,190 posts, read 1,753,791 times
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https://kypensioncrisis.com/2016/02/06/49th/#more-86
Kentucky is ranked 49th out of 50 states on pension funding levels. Illinois is ranked 50th or last of all 50 states on pension funding levels.
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