With all of the misinformation being spread about the Pension Reform package, you also deserve to hear what they're not telling you. It's time to set the record straight.
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@KYWhitney: “no teacher will ever lose a sick day and he or she will not be forced to retire to use their existing sick days for retirement. Teachers will still be able to cash-in sick days earned after January 1, 2019 at retirement and receive a check for them.”Show this thread
A professor of education at WKU put in perspective why this bill needed to be passed: “You're either going to stop kicking the can and do something, or you're going to let a broken system continue to spiral out of control.”http://schoolleader.typepad.com/school-leader/2018/03/initial-thoughts-on-pension-reform-lesiglation.html …
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As for the changes made for future teachers, a hybrid cash balance plan was put in place to preserve the long term viability of our pension system. And protections were put in place to ensure those future teachers wouldn't be hurt by a downturn in the market.
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And the best part? If a teacher decides to leave, they can take their plan with them. It's completely portable! Yes, that IS a significant change, but one that is undeniably positive for teachers!
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Finally, as for pension funding. Since
@GovMattBevin has taken office, he’s made it a priority to FULLY FUND KTRS. And that promise has been kept. Just take a look at this graphic to see the difference between a Beshear administration and Gov. Bevin.pic.twitter.com/DIjZ6O35iB
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The GA has continued to do everything in their power to ensure our teachers, the people who are preparing the future leaders of the world, have the retirement they deserve. They are trying to save the pension system because they respect and appreciate teacher's commitment to KY.
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End of conversation
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Yes, let’s talk about the can-kicking for a minute. This new hybrid system costs an additional $5 billion dollars to transfer all current retirement systems (TRS, CERS, KERS, & SPRS), thus extending the unfunded liability for 5 more years.
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So the GA said "hold my beer" and came up with their own third option and not only allowed it to continue failing, but screwed over all of the public employees to make a profit.
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