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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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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Hmmmm...but an independent actuarial analysis shows that simply funding the ARC at 100% each year will continue the growth we’ve already seen in the last 2 years. The system will be completely healthy in about 20-25 years rather than going bust in 10-12 as you suggest.
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Hybrid cash plans won’t sustain a teacher through their lifetime without social security
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If it is so great then you should have voted on in it with the REQUIRED actuarial analysis & not hidden it in a sewage bill. You all knew there was too much in this bill that hurt public employees & yet you threw it in for a quick illegal vote..
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This is not good for the profession. Now the benefits are worthless for new teachers. Teachers are over worked and underpaid.
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