A New Year's resolution for Kentucky and some Ky. politicos to watch in 2013
01/03/2013 07:30 AM
If Kentucky leaders resolve to do one thing in 2013 it should be to get the state’s financial house in order by fixing the public pension systems, said Trey Grayson, the former Kentucky secretary of state who is now director of the Harvard Institute of Politics.
The Kentucky Retirement System, which covers the pensions for retired state and county workers and state police, has seen its funds dwindle as the state shorted its payments into the fund, investments didn’t keep up with expectations and automatic cost of living increases ate away at the funds.
Now, Kentucky must come up with more money each year to make its full payment (as the employer) into those funds.
“It means less for higher education, less for early childhood, less for health care … roads — everything that we like that government provides for us is going to get pinched by this because we’ve been putting this off for so long,” Grayson said (1:00).
Grayson, who keeps up with Kentucky politics, also said he’s most interested to seeing what two lawmakers — one Democrat and one Republican — can manage to get accomplished in 2013. (That part of the discussion starts at 6:15 of the video).
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