Updated pension reform bill in the works, new pension oversight co-chair says

Spectrum News – 11/16/2017 (reprinted)

Opinion By Nick Storm
Click here to view the full article

As the House of Representatives finds it’s footing amid an alleged sexual harassment settlement which that caused Rep. Jeff Hoover’s resignation as speaker and sparked an investigation, the new co-chair of the Public Pension Oversight Board says work is underway to re-craft the proposal.

Rep. Jerry T. Miller, R-Eastwood, told Pure Politics this week that “changes need to be made” to the legislation for it to pass the House of Representatives.

“We’ve gone back and continuing to meet with groups and tumble ideas, and hopefully we’ll be able to get a bill, and certainly we’ll have to have the actuarial evaluation of it when it’s all said and done,” he said.

Miller said it was “difficult” to predict exactly how the legislation would change; currently House and Senate leaders are meeting to find consensus, he added.

Gov. Matt Bevin, R-Kentucky, has yet to call a special session to deal with pension reform, but Miller hopes that agreement can be found this month and lawmakers can convene in December, before the regular legislative session begins in January of 2018.

When it comes to the Kentucky Teachers’ Retirement System, Miller says that state educators and administrators are going to have to bear part of the burden in solving the pension crisis, as will all state retirees.

Watch the full interview with Miller including ways for the state to develop new revenue in an effort to pay down pension obligations in the clip below.

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