Wed September 26, 2012
Beshear Unsure on Bonding to Shore Up Pension System
Gov. Steve Beshear says he hasn't reached a conclusion on whether Kentucky should borrow enough money through the sale of government bonds to shore up the pension systems for state and local employees. The state employee retirement plan faces a $19 billion shortfall. Add to that the financial woes in plans covering local government employees, state police, teachers, lawmakers, judges and other court workers, and the shortfall reaches $30 billion.
Beshear told reporters Tuesday that he considers discussions about a variety of possible solutions to be beneficial. He didn't rule out the possibility of calling lawmakers into special session before the end of the year to deal with the pension issue.
The Task Force on Pension Reform has been holding public meetings to identify ways to resolve Kentucky's pension crisis.