FRANKFORT, KY (Monday, August 28, 2017) – As State Treasurer, I have been closely following the three public pension reports released by PFM, the third party consultant hired by the state.
As the reports demonstrate, our pension systems have continued to accrue billions of dollars in unfunded liabilities. If citizens visit kypensions.com, the website established by the Office of the State Budget Director, they can view five of the major causes of our crisis.
We now find ourselves facing an undeniable problem. Our retirement systems could run out of money in a few years, and our unfunded liabilities are beginning to swallow a greater and greater share of our state spending, impacting dollars that go to classrooms, roads, health care, and other key services.
Previous elected officials failed our public employees, retirees, and all citizens, but new leadership in Frankfort is committed to tackling the problem head-on. It is clear we need structural reforms to stop the bleeding. It is also important that we have a deeper commitment to realistic assumptions and requirements for full funding each year.
In the coming weeks, I will continue to speak with Governor Bevin’s administration and the General Assembly as everyone works to craft a unique legislative package to save our pensions and our Commonwealth. As Treasurer, I am committed to doing my part in finding solutions to Kentucky’s financial problems.
