Lawmakers consider lifting Kentucky's public pension secrecy
FRANKFORT, KY (WAVE) - Kentucky gives you the right to learn what it pays every teacher and state employee, but not how many of your tax dollars they'll draw in pensions when they retire.
Both pension funds have less than half the money they'll need to pay those benefits. Together, they're about $27 to $35 billion short. Gov. Matt Bevin and state lawmakers said the only way to fix that is to take money from other programs.
Bevin would give universities, community and technical colleges, school support programs and the court system 9 percent less the next two years. House Democrats insist Kentucky can find the money without making those cuts.
The House is set to vote on a revised budget and pension bailout Wednesday.
The House already has passed, unanimously, a bill that would require the Commonwealth to reveal how much a state employee is drawing, or could draw, when he/she retires.
Sponsors say it'll disclose "double-dippers" -- those who draw one pension, or several, while they're being paid to work somewhere else.
The Senate Committee on State & Local Government is considering the bill Wednesday.
The bill also would require an Oversight Board to find out how much the plans' investments are earning.
And whether it makes more sense to change who manages the plans for court workers, county workers and state lawmakers, or have one group manage them all.
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