Damon Thayer

Kentucky Senate Passes Pension Reform Recommendations

Kentucky Public Radio's Rae Hodge — Fri, 08 Feb 2013 12:34:04 +0000

The Kentucky Senate has passed a bill that would reform the majority of the state's pension system.

Senate Bill 2 contains the recommendations of a legislative task force on the underfunded pension system. It suspends cost of living adjustments and creates a hybrid, 401-K style pension plan for new hires.

Bill sponsor Damon Thayer says the bi-partisan support for the bill shows the need for continued cooperation on pensions.

"This is not a perfect bill," said the Georgetown Republican. "There are certainly other ways that this can be done. But in this town and in this building, when have we ever given up the good for the sake of the perfect. This is a good bill, Mr. President."

House Speaker Greg Stumbo says his chamber is still debating ways to handle the pension issue. Stumbo says any legislation must fully fund state pensions, and Senate Bill 2 currently does not.

Kentucky Pension Bill Passes Senate Committee, House Still Has Hang-Ups

Kenny Colston — Wed, 06 Feb 2013 21:00:31 +0000

An effort to reform Kentucky's underfunded pension systems passed in its first hearing Wednesday from a state Senate committee meeting.

Senate Bill 2 stems from the recommendations of a legislative task force that met over the summer to try and solve the pension problems.

It includes a suspension of cost of living adjustments and creates a new hybrid plan that acts like a 401-K with a promised rate of return.

State Sen. Damon Thayer, the bill sponsor, said the need for pension reform isn't a partisan one.

Reforms for Kentucky's Special Taxing Districts Moving Quickly in Frankfort

Kenny Colston — Tue, 05 Feb 2013 18:57:50 +0000

Efforts to reform the laws concerning more than 1,000 special taxing districts are quickly moving in Frankfort this week.

The reforms were filed as House Bill 1 Tuesday and are a partnership between Auditor Adam Edelen and House Speaker Greg Stumbo. It would create an online registry to list the special districts and their required financial paperwork.

It would also re-designate them as special purpose governmental entities. The registry will be paid for initially with a special appropriation through the governor's office, then supplemented by fees on the special districts.

Edelen says the quick path the bill is expected to take shows that Frankfort can work to together on meaningful reforms.

In Wake of Financial Downgrade, Kentucky Business Leaders Call for Quick Pension Reform

Kenny Colston — Fri, 01 Feb 2013 19:10:17 +0000

Another change in Kentucky’s financial outlook has the state’s business leaders calling on the General Assembly for immediate pension reforms.

Standard and Poor’s has changed Kentucky’s outlook to negative, citing the state's large unfunded pension obligations as the main reason.

In response, the Kentucky Chamber of Commerce, as well as 50 other business groups, held a news conference to demand that lawmakers pass the recommendations from last year’s pension task force as they were presented.

Chamber President and former Owensboro mayor David Adkission said the change is the best reason for why reforms need to happen soon.

New Leadership in Kentucky Senate Doesn't Equal Easier Road for Dropout Bill

Kenny Colston — Sun, 23 Dec 2012 12:00:00 +0000

Advocates for raising the dropout age in Kentucky have a new hope heading into the next legislative session. Currently, Kentucky law allows 16-year-olds to dropout of school with parental permission. And education advocates have pushed to raise the minimum dropout age to 18.

Dropout bills have consistently failed in Frankfort, but advocates are emboldened this year now that former Senate President David Williams is no longer in the General Assembly.

But new Majority Floor Leader Damon Thayer says that doesn't mean the bill is a sure thing.

“Because there are legitimate policy concerns we have had with raising the dropout age to 18," the Georgetown Republican says.