This bill reportedly will require local governments to pay an additional 2% of the salaries/pension contributions for their school system employees, with even greater increases in some counties. That inevitably will come in the form of property (school) tax increases for you and me.
This "reform" is projected to save only $10 million per year, yet it's guaranteed to result in less money being paid into the current pension system because new hires won't be a part of it. As a result, we'll be right back here in a few years after the next economic downturn with Republicans arguing that we have to cut benefits for everyone because we don't have the money to pay them. All this while the Governor continues to fight against the disclosure of how current pension funds are invested, who receives commissions for handling those accounts, etc.
The solution to this problem has been and will continue to be broadening the revenue base by legalizing and taxing expanded gaming and cannabis, not increasing current income, corporate, or property taxes. But the Republicans headed by our carpetbagging Governor have repeatedly refused to consider these options.
Every legislator who supported fundamentally changing the pension system in this state without actually reviewing the bill, requiring an actuarial analysis to understand its impact, or allowing the voters to see what they're doing before the vote should be gone.
It's a travesty, and I'm embarrassed to have been involved in Kentucky Republican politics for so many years.