State employees with higher pensions should pay more to help the underfunded systems recover, Kentucky House Speaker Greg Stumbo said in a recent interview. One thing Stumbo doesn't want to see is lawmakers floating bonds to help pay for the state’s underfunded pensions.
Kentucky's state pension plans have problems, and a bipartisan legislative task force has approved sweeping recommendations to overhaul them -- including putting new employees in a hybrid plans akin to 401Ks.
The task force -- with an 11-1 vote -- is recommending that the General Assembly start fully funding their pension contributions starting with the next budget in 2014. Lawmakers’ inability to do that is part of the pension plans problems.
A group of GOP House candidates are encouraging one Republican leader to take a bold stance on a pension issue. Republicans Chris Hightower, Jason Crockett, Lynn Bechler, Bryan Lutz and Matt Lockett are all in competitive races for the state House this election cycle.