The budget passed by the General Assembly provides the actuarially required contribution to the Teachers’ Retirement System (TRS) and fully funds the medical insurance fund. However, the ‘fine print’ requires contributing lower amounts to the Teachers’ Retirement System to deal with the expected shortfall in state revenue. It also requires that any monies above the actuarially determined contribution to the retiree medical fund will roll over into the 2022 contribution.
On Monday afternoon Governor Beshear vetoed a portion of the budget that deals with TRS. He vetoed this because it fails to live up to the Commonwealth’s financial obligation to the Shared Responsibility Plan for teacher retiree health care. He goes on to state that it has the effect of appropriating funds in fiscal year 2021-22 inconsistent with Part I, (1) of the Act. This act only affects appropriations in fiscal year 2019-20 and fiscal year 2020-21.
Please call your legislator Tuesday morning and urge them to sustain gubernatorial vetoes #2 and #18 protecting the teachers’ medical insurance fund.
Thanks for everything you do and remain safe during these tough times.
Tim Abrams
Executive Director
KRTA