Governor's pension plan UNANIMOUSLY passes House.
Here's the Governor's press release on the pension plan:
Governor Beshear’s Pension Proposal Unanimously Passes House
FRANKFORT, KY (February 28, 2008) – Governor Steve Beshear’s Kentucky Public Pension Protection and Modernization Act unanimously passed the House today by a vote of 96-0. This bold, consensus plan, sponsored by Rep. Mike Cherry of Princeton, would address the funding challenges faced by the state's public pension systems, result in better oversight, and modernize the systems for the next generation of public employees. It will now go to the Senate for its consideration.
“I am very pleased by the House’s swift action on this bill that would help protect the retirement savings of Kentucky’s teachers and state and local government employees, while continuing to allow the commonwealth to attract the best and brightest to the classroom and to public service,” said Gov. Beshear. "I'm grateful to Rep. Cherry for his leadership on this bill, and look forward to working with the Senate on this critical issue."
HB 600 unanimously cleared the House State Government Committee on Tuesday of this week.
“It was gratifying to achieve a unanimous bipartisan vote on the House floor. I think our effort to have several lengthy and open hearings where all involved could publicly testified was appreciated and critical to the unanimity of the vote on HB 600,” said Rep. Cherry.
The consensus plan has received strong support from all sides of the political spectrum—from Democrats and Republicans, labor unions and the business community, local and county governments, as well as groups representing the interests of public employee and teachers and their retired counterparts. HB 600 built on the foundation laid by former Governor Fletcher's Blue Ribbon Commission, and it incorporated most of the significant recommendations made by that task force.
“This legislation is an important step in the right direction and addresses several key issues in the effort to create a more sustainable system of benefits for public employees,” said Dave Adkisson, president and CEO of the Kentucky Chamber of Commerce.
Governor Beshear’s Pension Proposal Unanimously Passes House
FRANKFORT, KY (February 28, 2008) – Governor Steve Beshear’s Kentucky Public Pension Protection and Modernization Act unanimously passed the House today by a vote of 96-0. This bold, consensus plan, sponsored by Rep. Mike Cherry of Princeton, would address the funding challenges faced by the state's public pension systems, result in better oversight, and modernize the systems for the next generation of public employees. It will now go to the Senate for its consideration.
“I am very pleased by the House’s swift action on this bill that would help protect the retirement savings of Kentucky’s teachers and state and local government employees, while continuing to allow the commonwealth to attract the best and brightest to the classroom and to public service,” said Gov. Beshear. "I'm grateful to Rep. Cherry for his leadership on this bill, and look forward to working with the Senate on this critical issue."
HB 600 unanimously cleared the House State Government Committee on Tuesday of this week.
“It was gratifying to achieve a unanimous bipartisan vote on the House floor. I think our effort to have several lengthy and open hearings where all involved could publicly testified was appreciated and critical to the unanimity of the vote on HB 600,” said Rep. Cherry.
The consensus plan has received strong support from all sides of the political spectrum—from Democrats and Republicans, labor unions and the business community, local and county governments, as well as groups representing the interests of public employee and teachers and their retired counterparts. HB 600 built on the foundation laid by former Governor Fletcher's Blue Ribbon Commission, and it incorporated most of the significant recommendations made by that task force.
“This legislation is an important step in the right direction and addresses several key issues in the effort to create a more sustainable system of benefits for public employees,” said Dave Adkisson, president and CEO of the Kentucky Chamber of Commerce.
Labels: General information
posted by KYJurisDoctor at 6:37 PM
4 Comments:
Somehow the Governor's press release failed to mention that this bill actually does very little to fix the problem. I hope the Senate will do much better.
David: What are your thoughts on it, and how should the Senate do BETTER?
At the very least we must raise health insurance deductibles and co-pays high enough to make people think twice before running to the doctor for minor ailments. We still need to come up with a lot of cash to fill in the funding gap. Current spending in other areas is going to have to go way down. A major reduction in the state workforce and a re-thinking of the nature of state government will be the best way to keep this widening pit from sucking us under.
If "gaming" does not work, we will have join New Jersey and go "COLD TURKEY".
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